Nationwide

Destination

2025

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

88.7%

Shares

Value

($)

Alternative

Assets

5.1%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

932,315

8,782,407

Total

Alternative

Assets

(cost

$9,159,183)

8,782,407

Equity

Funds

39.5%

Nationwide

International

Index

Fund,

Class

R6(a)

1,786,348

14,719,507

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

236,393

3,850,837

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

4,208,847

48,948,890

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

78,846

864,941

Total

Equity

Funds

(cost

$55,417,852)

68,384,175

Fixed

Income

Funds

44.1%

Nationwide

Bond

Portfolio,

Class

R6(a)

7,777,565

67,275,934

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

981,935

9,053,438

Total

Fixed

Income

Funds

(cost

$86,258,561)

76,329,372

Total

Investment

Companies

(cost

$150,835,596)

153,495,954

Exchange

Traded

Funds

4.9%

Shares

Value

($)

Equity

Fund

3.0%

iShares

Core

MSCI

Emerging

Markets

ETF

102,031

5,190,317

Fixed

Income

Fund

1.9%

iShares

20+

Year

Treasury

Bond

ETF

30,057

3,221,208

Total

Exchange

Traded

Funds

(cost

$9,009,338)

8,411,525

Short-Term

Investment

6.7%

Money

Market

Fund

6.7%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(b)

11,665,881

11,665,881

Total

Short-Term

Investment

(cost

$11,665,881)

11,665,881

Total

Investments

(cost

$171,510,815)

—

100.3%

173,573,360

Liabilities

in

excess

of

other

assets

—

(0.3)%

(473,712)

NET

ASSETS

—

100.0%

$

173,099,648

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2025

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2025

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

su

mmary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

8,411,525

$

–

$

–

$

8,411,525

Investment

Companies

153,495,954

–

–

153,495,954

Short-Term

Investment

11,665,881

–

–

11,665,881

Total

$

173,573,360

$

–

$

–

$

173,573,360

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2030

Fund

Investment

Companies

90.6%

Shares

Value

($)

Alternative

Assets

3.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

759,924

7,158,486

Total

Alternative

Assets

(cost

$7,541,682)

7,158,486

Equity

Funds

54.2%

Nationwide

International

Index

Fund,

Class

R6(a)

2,778,224

22,892,568

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

422,943

6,889,735

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

6,515,301

75,772,945

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

327,287

3,590,339

Total

Equity

Funds

(cost

$90,423,002)

109,145,587

Fixed

Income

Funds

32.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

7,106,860

61,474,339

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

495,350

4,567,127

Total

Fixed

Income

Funds

(cost

$74,670,040)

66,041,466

Total

Investment

Companies

(cost

$172,634,724)

182,345,539

Exchange

Traded

Funds

5.9%

Shares

Value

($)

Equity

Fund

4.4%

iShares

Core

MSCI

Emerging

Markets

ETF

176,100

8,958,207

Fixed

Income

Fund

1.5%

iShares

20+

Year

Treasury

Bond

ETF

27,552

2,952,748

Total

Exchange

Traded

Funds

(cost

$12,534,851)

11,910,955

Short-Term

Investment

3.7%

Money

Market

Fund

3.7%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(b)

7,391,046

7,391,046

Total

Short-Term

Investment

(cost

$7,391,046)

7,391,046

Total

Investments

(cost

$192,560,621)

—

100.2%

201,647,540

Liabilities

in

excess

of

other

assets

—

(0.2)%

(366,967)

NET

ASSETS

—

100.0%

$

201,280,573

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2030

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

6

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2030

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,910,955

$

–

$

–

$

11,910,955

Investment

Companies

182,345,539

–

–

182,345,539

Short-Term

Investment

7,391,046

–

–

7,391,046

Total

$

201,647,540

$

–

$

–

$

201,647,540

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2035

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

91.6%

Shares

Value

($)

Alternative

Assets

2.5%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

492,607

4,640,356

Total

Alternative

Assets

(cost

$4,935,796)

4,640,356

Equity

Funds

65.2%

Nationwide

International

Index

Fund,

Class

R6(a)

2,954,488

24,344,980

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

528,994

8,617,314

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

7,005,400

81,472,803

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

447,783

4,912,176

Total

Equity

Funds

(cost

$100,486,371)

119,347,273

Fixed

Income

Funds

23.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

4,873,489

42,155,676

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

180,984

1,668,669

Total

Fixed

Income

Funds

(cost

$49,346,104)

43,824,345

Total

Investment

Companies

(cost

$154,768,271)

167,811,974

Exchange

Traded

Funds

6.8%

Shares

Value

($)

Equity

Fund

5.6%

iShares

Core

MSCI

Emerging

Markets

ETF

201,718

10,261,395

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

19,877

2,130,218

Total

Exchange

Traded

Funds

(cost

$12,856,235)

12,391,613

Short-Term

Investment

1.8%

Money

Market

Fund

1.8%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(b)

3,219,094

3,219,094

Total

Short-Term

Investment

(cost

$3,219,094)

3,219,094

Total

Investments

(cost

$170,843,600)

—

100.2%

183,422,681

Liabilities

in

excess

of

other

assets

—

(0.2)%

(287,979)

NET

ASSETS

—

100.0%

$

183,134,702

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2035

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

12,391,613

$

–

$

–

$

12,391,613

Investment

Companies

167,811,974

–

–

167,811,974

Short-Term

Investment

3,219,094

–

–

3,219,094

Total

$

183,422,681

$

–

$

–

$

183,422,681

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2040

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

91.9%

Shares

Value

($)

Alternative

Assets

1.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

282,090

2,657,288

Total

Alternative

Assets

(cost

$2,788,366)

2,657,288

Equity

Funds

74.3%

Nationwide

International

Index

Fund,

Class

R6(a)

3,093,447

25,490,002

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

592,165

9,646,361

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

7,136,926

83,002,451

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

429,575

4,712,434

Total

Equity

Funds

(cost

$104,639,424)

122,851,248

Fixed

Income

Funds

16.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

3,019,516

26,118,817

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

42,925

395,765

Total

Fixed

Income

Funds

(cost

$29,829,290)

26,514,582

Total

Investment

Companies

(cost

$137,257,080)

152,023,118

Exchange

Traded

Funds

7.4%

Shares

Value

($)

Equity

Fund

6.4%

iShares

Core

MSCI

Emerging

Markets

ETF

208,064

10,584,216

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

15,861

1,699,823

Total

Exchange

Traded

Funds

(cost

$12,642,410)

12,284,039

Short-Term

Investment

0.9%

Money

Market

Fund

0.9%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(b)

1,459,007

1,459,007

Total

Short-Term

Investment

(cost

$1,459,007)

1,459,007

Total

Investments

(cost

$151,358,497)

—

100.2%

165,766,164

Liabilities

in

excess

of

other

assets

—

(0.2)%

(388,249)

NET

ASSETS

—

100.0%

$

165,377,915

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2040

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2040

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

12,284,039

$

–

$

–

$

12,284,039

Investment

Companies

152,023,118

–

–

152,023,118

Short-Term

Investment

1,459,007

–

–

1,459,007

Total

$

165,766,164

$

–

$

–

$

165,766,164

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2045

Fund

Investment

Companies

91.9%

Shares

Value

($)

Alternative

Assets

0.7%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

107,054

1,008,452

Total

Alternative

Assets

(cost

$1,072,146)

1,008,452

Equity

Funds

79.4%

Nationwide

International

Index

Fund,

Class

R6(a)

2,919,271

24,054,793

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

587,573

9,571,557

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

6,588,882

76,628,695

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

383,432

4,206,246

Total

Equity

Funds

(cost

$97,871,126)

114,461,291

Fixed

Income

Fund

11.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,968,406

17,026,713

Total

Fixed

Income

Funds

(cost

$19,145,106)

17,026,713

Total

Investment

Companies

(cost

$118,088,378)

132,496,456

Exchange

Traded

Funds

7.9%

Shares

Value

($)

Equity

Fund

6.8%

iShares

Core

MSCI

Emerging

Markets

ETF

193,243

9,830,272

Fixed

Income

Fund

1.1%

iShares

20+

Year

Treasury

Bond

ETF

14,442

1,547,749

Total

Exchange

Traded

Funds

(cost

$11,723,474)

11,378,021

Short-Term

Investment

0.5%

Money

Market

Fund

0.5%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(b)

745,518

745,518

Total

Short-Term

Investment

(cost

$745,518)

745,518

Total

Investments

(cost

$130,557,370)

—

100.3%

144,619,995

Liabilities

in

excess

of

other

assets

—

(0.3)%

(463,871)

NET

ASSETS

—

100.0%

$

144,156,124

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2045

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,378,021

$

–

$

–

$

11,378,021

Investment

Companies

132,496,456

–

–

132,496,456

Short-Term

Investment

745,518

–

–

745,518

Total

$

144,619,995

$

–

$

–

$

144,619,995

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

14

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2050

Fund

Investment

Companies

91.7%

Shares

Value

($)

Alternative

Assets

0.1%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

20,528

193,375

Total

Alternative

Assets

(cost

$202,166)

193,375

Equity

Funds

82.2%

Nationwide

International

Index

Fund,

Class

R6(a)

2,874,504

23,685,913

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

598,560

9,750,550

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

6,437,141

74,863,952

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

372,803

4,089,647

Total

Equity

Funds

(cost

$97,792,849)

112,390,062

Fixed

Income

Fund

9.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,490,183

12,890,084

Total

Fixed

Income

Funds

(cost

$14,473,378)

12,890,084

Total

Investment

Companies

(cost

$112,468,393)

125,473,521

Exchange

Traded

Funds

8.3%

Shares

Value

($)

Equity

Fund

7.2%

iShares

Core

MSCI

Emerging

Markets

ETF

191,997

9,766,887

Fixed

Income

Fund

1.1%

iShares

20+

Year

Treasury

Bond

ETF

14,362

1,539,176

Total

Exchange

Traded

Funds

(cost

$11,547,036)

11,306,063

Total

Investments

(cost

$124,015,429)

—

100.0%

136,779,584

Liabilities

in

excess

of

other

assets

—

0.0%

†

(34,816)

NET

ASSETS

—

100.0%

$

136,744,768

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2050

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,306,063

$

–

$

–

$

11,306,063

Investment

Companies

125,473,521

–

–

125,473,521

Total

$

136,779,584

$

–

$

–

$

136,779,584

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2055

Fund

Investment

Companies

91.7%

Shares

Value

($)

Equity

Funds

83.9%

Nationwide

International

Index

Fund,

Class

R6(a)

1,847,680

15,224,883

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

394,221

6,421,856

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

4,072,775

47,366,369

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

241,682

2,651,247

Total

Equity

Funds

(cost

$62,824,345)

71,664,355

Fixed

Income

Fund

7.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

774,097

6,695,943

Total

Fixed

Income

Funds

(cost

$7,477,378)

6,695,943

Total

Investment

Companies

(cost

$70,301,723)

78,360,298

Exchange

Traded

Funds

8.3%

Shares

Value

($)

Equity

Fund

7.2%

iShares

Core

MSCI

Emerging

Markets

ETF

121,722

6,191,998

Fixed

Income

Fund

1.1%

iShares

20+

Year

Treasury

Bond

ETF

8,815

944,704

Total

Exchange

Traded

Funds

(cost

$7,239,206)

7,136,702

Total

Investments

(cost

$77,540,929)

—

100.0%

85,497,000

Liabilities

in

excess

of

other

assets

—

0.0%

†

(36,212)

NET

ASSETS

—

100.0%

$

85,460,788

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2055

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

7,136,702

$

–

$

–

$

7,136,702

Investment

Companies

78,360,298

–

–

78,360,298

Total

$

85,497,000

$

–

$

–

$

85,497,000

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2060

Fund

Investment

Companies

91.7%

Shares

Value

($)

Equity

Funds

84.7%

Nationwide

International

Index

Fund,

Class

R6(a)

812,303

6,693,380

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

187,039

3,046,873

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

1,828,903

21,270,141

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

111,125

1,219,046

Total

Equity

Funds

(cost

$28,619,833)

32,229,440

Fixed

Income

Fund

7.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

305,272

2,640,604

Total

Fixed

Income

Funds

(cost

$2,921,115)

2,640,604

Total

Investment

Companies

(cost

$31,540,948)

34,870,044

Exchange

Traded

Funds

8.3%

Shares

Value

($)

Equity

Fund

7.4%

iShares

Core

MSCI

Emerging

Markets

ETF

55,789

2,837,987

Fixed

Income

Fund

0.9%

iShares

20+

Year

Treasury

Bond

ETF

3,059

327,833

Total

Exchange

Traded

Funds

(cost

$3,153,476)

3,165,820

Total

Investments

(cost

$34,694,424)

—

100.0%

38,035,864

Liabilities

in

excess

of

other

assets

—

0.0%

†

(2,820)

NET

ASSETS

—

100.0%

$

38,033,044

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2060

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

3,165,820

$

–

$

–

$

3,165,820

Investment

Companies

34,870,044

–

–

34,870,044

Total

$

38,035,864

$

–

$

–

$

38,035,864

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

2065

Fund

Investment

Companies

91.6%

Shares

Value

($)

Equity

Funds

85.5%

Nationwide

International

Index

Fund,

Class

R6(a)

96,627

796,204

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

22,593

368,043

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

219,965

2,558,188

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

13,581

148,980

Total

Equity

Funds

(cost

$3,653,353)

3,871,415

Fixed

Income

Fund

6.1%

Nationwide

Bond

Portfolio,

Class

R6(a)

32,104

277,700

Total

Fixed

Income

Funds

(cost

$295,478)

277,700

Total

Investment

Companies

(cost

$3,948,831)

4,149,115

Exchange

Traded

Funds

8.3%

Shares

Value

($)

Equity

Fund

7.7%

iShares

Core

MSCI

Emerging

Markets

ETF

6,822

347,035

Fixed

Income

Fund

0.6%

iShares

20+

Year

Treasury

Bond

ETF

278

29,793

Total

Exchange

Traded

Funds

(cost

$382,165)

376,828

Total

Investments

(cost

$4,330,996)

—

99.9%

4,525,943

Other

assets

in

excess

of

liabilities

—

0.1%

4,180

NET

ASSETS

—

100.0%

$

4,530,123

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2065

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

376,828

$

–

$

–

$

376,828

Investment

Companies

4,149,115

–

–

4,149,115

Total

$

4,525,943

$

–

$

–

$

4,525,943

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

Investment

Companies

87.6%

Shares

Value

($)

Alternative

Assets

5.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

705,196

6,642,947

Total

Alternative

Assets

(cost

$6,566,826)

6,642,947

Equity

Funds

32.5%

Nationwide

International

Index

Fund,

Class

R6(a)

981,303

8,085,937

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

124,333

2,025,381

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

2,357,867

27,421,997

Total

Equity

Funds

(cost

$29,628,685)

37,533,315

Fixed

Income

Funds

49.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

5,672,467

49,066,841

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

843,345

7,775,638

Total

Fixed

Income

Funds

(cost

$63,997,472)

56,842,479

Total

Investment

Companies

(cost

$100,192,983)

101,018,741

Exchange

Traded

Funds

4.5%

Shares

Value

($)

Equity

Fund

2.5%

iShares

Core

MSCI

Emerging

Markets

ETF

56,342

2,866,118

Fixed

Income

Fund

2.0%

iShares

20+

Year

Treasury

Bond

ETF

21,646

2,319,802

Total

Exchange

Traded

Funds

(cost

$5,666,006)

5,185,920

Short-Term

Investment

8.1%

Money

Market

Fund

8.1%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(b)

9,327,394

9,327,394

Total

Short-Term

Investment

(cost

$9,327,394)

9,327,394

Total

Investments

(cost

$115,186,383)

—

100.2%

115,532,055

Liabilities

in

excess

of

other

assets

—

(0.2)%

(190,061)

NET

ASSETS

—

100.0%

$

115,341,994

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Destination

Retirement

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

por

tfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

5,185,920

$

–

$

–

$

5,185,920

Investment

Companies

101,018,741

–

–

101,018,741

Short-Term

Investment

9,327,394

–

–

9,327,394

Total

$

115,532,055

$

–

$

–

$

115,532,055

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Aggressive

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

89

.8

%

Shares

Value

($)

Alternative

Assets

0.4%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

506,922

4,045,235

Total

Alternative

Assets

(cost

$4,535,235)

4,045,235

Equity

Funds

85.2%

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

1,483,851

16,871,391

Nationwide

International

Index

Fund,

Class

R6(a)

17,592,697

144,963,821

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,017,050

37,679,925

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,601,985

107,546,328

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

29,509,185

343,191,816

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

11,057,962

110,469,043

Total

Equity

Funds

(cost

$679,437,907)

760,722,324

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

4.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

3,414,808

29,538,086

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

841,290

8,118,446

Total

Fixed

Income

Funds

(cost

$40,902,926)

37,656,532

Total

Investment

Companies

(cost

$724,876,068)

802,424,091

Exchange

Traded

Funds

10

.3

%

Equity

Funds

10.3%

iShares

Core

MSCI

Emerging

Markets

ETF

1,445,012

73,507,761

iShares

Core

S&P

Small-Cap

ETF

173,080

17,938,011

Total

Exchange

Traded

Funds

(cost

$95,169,523)

91,445,772

Total

Investments

(cost

$820,045,591)

—

100.1%

893,869,863

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

511,549

)

NET

ASSETS

—

100.0%

$

893,358,314

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

91,445,772

$

–

$

–

$

91,445,772

Investment

Companies

802,424,091

–

–

802,424,091

Total

$

893,869,863

$

–

$

–

$

893,869,863

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Conservative

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

75.2%

Shares

Value

($)

Alternative

Assets

2.5%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

516,799

4,124,055

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

656,349

6,182,811

Total

Alternative

Assets

(cost

$10,877,161)

10,306,866

Equity

Funds

18.3%

Nationwide

International

Index

Fund,

Class

R6(a)

1,346,522

11,095,337

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

119,857

1,124,263

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

479,192

7,806,034

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,573,849

41,563,865

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,403,887

14,024,832

Total

Equity

Funds

(cost

$59,635,001)

75,614,331

Fixed

Income

Funds

54.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

16,480,364

142,555,152

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,231,214

20,571,795

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

859,213

8,291,404

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

5,501,143

53,801,178

Total

Fixed

Income

Funds

(cost

$244,057,006)

225,219,529

Total

Investment

Companies

(cost

$314,569,168)

311,140,726

Exchange

Traded

Funds

11.9%

Equity

Funds

1.9%

iShares

Core

MSCI

Emerging

Markets

ETF

131,156

6,671,906

Exchange

Traded

Funds

Shares

Value

($)

iShares

Core

S&P

Small-Cap

ETF

10,264

1,063,761

Total

Equity

Funds

(cost

$7,538,591)

7,735,667

Fixed

Income

Funds

10.0%

iShares

20+

Year

Treasury

Bond

ETF

154,931

16,603,955

iShares

7-10

Year

Treasury

Bond

ETF

125,208

12,421,886

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

11,283

1,250,946

iShares

U.S.

Treasury

Bond

ETF

478,657

11,167,068

Total

Fixed

Income

Funds

(cost

$48,602,536)

41,443,855

Total

Exchange

Traded

Funds

(cost

$56,141,127)

49,179,522

Short-Term

Investment

12.8%

Money

Market

Fund

12.8%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(c)

52,740,945

52,740,945

Total

Short-Term

Investment

(cost

$52,740,945)

52,740,945

Total

Investments

(cost

$423,451,240)

—

99.9%

413,061,193

Other

assets

in

excess

of

liabilities

—

0.1%

506,037

NET

ASSETS

—

100.0%

$

413,567,230

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$1,250,835,

which

was

collateralized

by

$1,267,523

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2049.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Investor

Destinations

Conservative

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

49,179,522

$

–

$

–

$

49,179,522

Investment

Companies

311,140,726

–

–

311,140,726

Short-Term

Investment

52,740,945

–

–

52,740,945

Total

$

413,061,193

$

–

$

–

$

413,061,193

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

6

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

Fund

Investment

Companies

84.1%

Shares

Value

($)

Alternative

Assets

2.1%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

1,732,982

13,829,194

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

727,492

6,852,973

Total

Alternative

Assets

(cost

$22,875,627)

20,682,167

Equity

Funds

54.7%

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

803,186

9,132,221

Nationwide

International

Index

Fund,

Class

R6(a)

11,465,887

94,478,912

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,804,029

16,921,791

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

2,982,975

48,592,655

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

22,782,553

264,961,088

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

8,992,346

89,833,536

Total

Equity

Funds

(cost

$454,603,557)

523,920,203

Fixed

Income

Funds

27.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

19,652,436

169,993,568

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

985,124

9,082,842

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

4,793,263

46,254,989

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

3,701,000

36,195,783

Total

Fixed

Income

Funds

(cost

$284,702,399)

261,527,182

Total

Investment

Companies

(cost

$762,181,583)

806,129,552

Exchange

Traded

Funds

10.8%

Equity

Funds

7.0%

iShares

Core

MSCI

Emerging

Markets

ETF

813,374

41,376,336

Exchange

Traded

Funds

Shares

Value

($)

iShares

Core

S&P

Small-Cap

ETF

245,491

25,442,687

Total

Equity

Funds

(cost

$69,706,149)

66,819,023

Fixed

Income

Funds

3.8%

iShares

20+

Year

Treasury

Bond

ETF

131,200

14,060,704

iShares

7-10

Year

Treasury

Bond

ETF

92,456

9,172,560

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

12,973

1,438,316

iShares

U.S.

Treasury

Bond

ETF

521,697

12,171,191

Total

Fixed

Income

Funds

(cost

$42,814,499)

36,842,771

Total

Exchange

Traded

Funds

(cost

$112,520,648)

103,661,794

Short-Term

Investment

5.1%

Money

Market

Fund

5.1%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(c)

48,846,214

48,846,214

Total

Short-Term

Investment

(cost

$48,846,214)

48,846,214

Total

Investments

(cost

$923,548,445)

—

100.0%

958,637,560

Liabilities

in

excess

of

other

assets

—

0.0%

†

(431,265)

NET

ASSETS

—

100.0%

$

958,206,295

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$1,438,206,

which

was

collateralized

by

$1,457,393

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2049.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Moderate

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

8

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

103,661,794

$

–

$

–

$

103,661,794

Investment

Companies

806,129,552

–

–

806,129,552

Short-Term

Investment

48,846,214

–

–

48,846,214

Total

$

958,637,560

$

–

$

–

$

958,637,560

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

90

.5

%

Shares

Value

($)

Alternative

Assets

2.1%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

2,259,998

18,034,783

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

948,729

8,937,026

Total

Alternative

Assets

(cost

$29,483,868)

26,971,809

Equity

Funds

71.5%

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

1,653,856

18,804,340

Nationwide

International

Index

Fund,

Class

R6(a)

20,483,980

168,787,996

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,791,367

44,943,018

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

6,429,409

104,735,080

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

38,055,025

442,579,946

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

14,851,774

148,369,226

Total

Equity

Funds

(cost

$823,552,344)

928,219,606

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

16.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

21,143,151

182,888,258

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,284,709

11,845,020

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,506,366

24,186,431

Total

Fixed

Income

Funds

(cost

$239,559,422)

218,919,709

Total

Investment

Companies

(cost

$1,092,595,634)

1,174,111,124

Exchange

Traded

Funds

9

.6

%

Equity

Funds

9.6%

iShares

Core

MSCI

Emerging

Markets

ETF

1,906,154

96,966,054

iShares

Core

S&P

Small-Cap

ETF

257,318

26,668,438

Total

Exchange

Traded

Funds

(cost

$127,789,323)

123,634,492

Total

Investments

(cost

$1,220,384,957)

—

100.1%

1,297,745,616

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

801,480

)

NET

ASSETS

—

100.0%

$

1,296,944,136

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

123,634,492

$

–

$

–

$

123,634,492

Investment

Companies

1,174,111,124

–

–

1,174,111,124

Total

$

1,297,745,616

$

–

$

–

$

1,297,745,616

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

80.5%

Shares

Value

($)

Alternative

Assets

2.2%

Nationwide

Amundi

Global

High

Yield

Fund,

Class

R6(a)

617,258

4,925,720

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

259,120

2,440,911

Total

Alternative

Assets

(cost

$8,116,605)

7,366,631

Equity

Funds

36.7%

Nationwide

International

Index

Fund,

Class

R6(a)

2,573,442

21,205,158

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

283,314

2,657,482

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

869,416

14,162,785

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

5,350,755

62,229,285

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

2,149,600

21,474,508

Total

Equity

Funds

(cost

$101,586,967)

121,729,218

Fixed

Income

Funds

41.6%

Nationwide

Bond

Portfolio,

Class

R6(a)

10,535,252

91,129,931

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,052,652

9,705,455

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,365,819

13,180,152

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

2,473,010

24,186,038

Total

Fixed

Income

Funds

(cost

$150,743,695)

138,201,576

Total

Investment

Companies

(cost

$260,447,267)

267,297,425

Exchange

Traded

Funds

10.5%

Equity

Funds

4.4%

iShares

Core

MSCI

Emerging

Markets

ETF

197,160

10,029,529

Exchange

Traded

Funds

Shares

Value

($)

iShares

Core

S&P

Small-Cap

ETF

43,581

4,516,735

Total

Equity

Funds

(cost

$14,657,191)

14,546,264

Fixed

Income

Funds

6.1%

iShares

20+

Year

Treasury

Bond

ETF

62,313

6,678,084

iShares

7-10

Year

Treasury

Bond

ETF

65,863

6,534,269

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF(b)

6,776

751,255

iShares

U.S.

Treasury

Bond

ETF

279,412

6,518,682

Total

Fixed

Income

Funds

(cost

$23,817,058)

20,482,290

Total

Exchange

Traded

Funds

(cost

$38,474,249)

35,028,554

Short-Term

Investment

9.0%

Money

Market

Fund

9.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.24%

(c)

29,712,889

29,712,889

Total

Short-Term

Investment

(cost

$29,712,889)

29,712,889

Total

Investments

(cost

$328,634,405)

—

100.0%

332,038,868

Liabilities

in

excess

of

other

assets

—

0.0%

†

(135,420)

NET

ASSETS

—

100.0%

$

331,903,448

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$751,144,

which

was

collateralized

by

$761,165

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2049.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2023.

ETF

Exchange

Traded

Fund

12

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

35,028,554

$

–

$

–

$

35,028,554

Investment

Companies

267,297,425

–

–

267,297,425

Short-Term

Investment

29,712,889

–

–

29,712,889

Total

$

332,038,868

$

–

$

–

$

332,038,868

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

9.5%

Principal

Amount

($)

Value

($)

Airlines

1.8%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

1,881,670

1,875,063

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

2,266,915

1,915,679

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,282,707

1,297,952

5,088,694

Home

Equity

0.1%

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

5.75%,

1/25/2036(b)

308,170

301,846

Structured

Asset

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2004-6XS,

Class

A6,

5.13%,

3/25/2034(c)

2

1

301,847

Other

7.6%

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

5.87%,

4/20/2031(a)(b)

1,000,000

991,498

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

5.96%,

1/20/2035(a)(b)

750,000

740,541

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

5.98%,

10/25/2034(a)(b)

500,000

494,381

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

6.02%,

4/20/2035(a)(b)

1,000,000

984,017

Broad

River

Bsl

Funding

CLO

Ltd.,

Series

2020-1A,

Class

AR,

5.98%,

7/20/2034(a)(b)

1,000,000

980,662

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

5.95%,

4/20/2034(a)(b)

200,000

196,702

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

5.94%,

10/17/2034(a)(b)

500,000

493,312

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

1,227,163

1,271,922

Dryden

86

CLO

Ltd.

Series

2020-86A,

Class

A1R,

5.89%,

7/17/2034(a)

(b)

1,150,000

1,134,687

Series

2020-86A,

Class

BR,

6.49%,

7/17/2034(a)(b)

850,000

826,926

FCI

Funding

LLC,

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

235,370

231,169

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

840,460

747,615

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

978,303

860,635

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

623,862

558,980

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

95,032

89,789

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

109,165

105,169

Series

2015-1A,

Class

A,

3.84%,

9/21/2040(a)

471,560

452,232

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

431,356

419,002

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

5.79%,

4/15/2034(a)(b)

400,000

391,852

Series

2021-2A,

Class

A,

5.91%,

7/15/2034(a)(b)

1,000,000

985,768

LCM

37

Ltd.,

Series

37A,

Class

A1,

6.14%,

4/15/2034(a)(b)

500,000

496,177

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

5.94%,

1/20/2035(a)(b)

1,000,000

984,483

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

6.01%,

4/15/2035(a)(b)

500,000

493,962

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

5.79%,

1/20/2032(a)(b)

500,000

495,133

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

5.95%,

10/20/2035(a)(b)

1,000,000

987,695

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,700,000

1,645,580

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

192,949

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

5.92%,

10/15/2034(a)(b)

400,000

394,441

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

900,083

843,746

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

5.94%,

7/15/2035(a)(b)

1,000,000

987,896

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

5.89%,

7/15/2034(a)(b)

1,000,000

986,894

21,465,815

Total

Asset-Backed

Securities

(cost

$28,009,173)

26,856,356

Collateralized

Mortgage

Obligations

2.4%

Alternative

Loan

Trust,

Series

2007-2CB,

Class

2A14,

5.75%,

3/25/2037

181,582

100,054

American

Home

Mortgage

Investment

Trust,

Series

2004-3,

Class

6A1,

5.32%,

10/25/2034(c)

3,149

3,069

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

346,294

328,435

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

5.56%,

1/16/2037(a)(b)

562,014

542,213

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

2,737,715

2,427,542

CHL

Mortgage

Pass-Through

Trust,

Series

2005-15,

Class

A7,

5.50%,

8/25/2035

38,411

22,597

Citigroup

Mortgage

Loan

Trust,

Series

2015-

RP2,

Class

A1,

3.50%,

1/25/2053(a)(b)

155,615

149,144

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

169,847

162,025

FNMA

REMICS

Series

2003-33,

Class

LB,

5.50%,

5/25/2023

3,648

3,630

Series

2009-42,

Class

AP,

4.50%,

3/25/2039

1,148

1,143

MASTR

Alternative

Loan

Trust,

Series

2005-6,

Class

1A5,

5.50%,

12/25/2035

125,408

90,075

New

Residential

Mortgage

Loan

Trust,

Series

2019-

1A,

Class

A1,

3.92%,

9/25/2057(a)(b)

1

1

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

688,000

592,578

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

688,000

592,229

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

465,000

395,716

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

31,532

29,336

Towd

Point

Mortgage

Trust,

Series

2019-4,

Class

A2,

3.25%,

10/25/2059(a)(b)

590,000

514,357

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

407,680

383,740

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

306,213

293,953

Visio

Trust,

Series

2019-

2,

Class

A2,

2.92%,

11/25/2054(a)(b)

236,278

223,687

Total

Collateralized

Mortgage

Obligations

(cost

$7,751,098)

6,855,524

Commercial

Mortgage-Backed

Securities

2.6%

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

700,000

658,072

BBCMS

Mortgage

Trust,

Series

2016-ETC,

Class

C,

3.39%,

8/14/2036(a)

6,300,000

5,294,749

BXP

Trust,

Series

2017-

GM,

Class

B,

3.42%,

6/13/2039(a)(b)

1,300,000

1,156,042

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

400,000

359,691

Total

Commercial

Mortgage-Backed

Securities

(cost

$8,956,880)

7,468,554

Corporate

Bonds

26.9%

Aerospace

&

Defense

1.2%

Boeing

Co.

(The)

,

2.95%,

2/1/2030(d)

1,225,000

1,082,879

3.25%,

2/1/2035

500,000

405,338

Lockheed

Martin

Corp.

,

4.07%,

12/15/2042

150,000

137,943

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

1,900,000

1,864,342

3,490,502

Automobiles

0.3%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

385,000

341,750

1.80%,

1/10/2028(a)

140,000

118,653

6.38%,

4/8/2030(a)(d)

460,000

483,478

943,881

Nationwide

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

3.1%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(e)

990,000

936,281

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

1,250,000

1,016,421

Citigroup,

Inc.

,

(SOFR

+

1.94%),

3.79%,

3/17/2033(e)

450,000

407,668

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032

1,350,000

1,050,477

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)(d)

1,000,000

862,928

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

1,000,000

1,040,475

JPMorgan

Chase

&

Co.

,

(SOFR

+

2.08%),

4.91%,

7/25/2033(e)

375,000

373,627

(SOFR

+

2.58%),

5.72%,

9/14/2033(e)

425,000

438,486

(SOFR

+

1.51%),

2.53%,

11/19/2041(e)

650,000

466,001

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(e)

490,000

494,262

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

3.35%,

3/2/2033(e)

750,000

661,351

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

1,250,000

976,475

8,724,452

Beverages

0.8%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

1,000,000

976,081

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

460,000

454,632

PepsiCo,

Inc.

,

3.90%,

7/18/2032

1,000,000

977,029

2,407,742

Biotechnology

0.7%

Amgen,

Inc.

,

4.05%,

8/18/2029

325,000

313,930

CSL

Finance

plc

,

4.25%,

4/27/2032(a)

1,600,000

1,561,494

1,875,424

Capital

Markets

2.5%

FMR

LLC

,

4.95%,

2/1/2033(a)

925,000

879,981

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Moody's

Corp.

,

4.25%,

8/8/2032

335,000

325,189

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

600,000

581,892

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

1,555,000

1,519,142

S&P

Global,

Inc.

,

2.90%,

3/1/2032(a)

1,500,000

1,328,835

State

Street

Corp.

,

(SOFR

+

1.57%),

4.82%,

1/26/2034(e)

325,000

326,649

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

5/12/2028(a)(e)

2,000,000

1,966,091

6,927,779

Chemicals

0.2%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

600,000

583,053

Commercial

Services

&

Supplies

0.3%

Waste

Connections,

Inc.

,

4.20%,

1/15/2033(d)

1,000,000

971,447

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

,

2.55%,

12/1/2033

174,000

140,691

3.65%,

6/1/2051

1,145,000

880,886

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

1,450,000

1,237,643

2,259,220

Electric

Utilities

5.3%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

2,000,000

1,908,259

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

555,000

539,727

Series

Z,

3.70%,

5/1/2050

190,000

151,793

Duke

Energy

Corp.

,

4.30%,

3/15/2028

795,000

783,484

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

2,650,000

2,565,590

Evergy,

Inc.

,

2.90%,

9/15/2029(d)

1,020,000

907,084

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

2,625,000

2,442,559

Georgia

Power

Co.

,

4.70%,

5/15/2032

1,250,000

1,246,277

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028

1,250,000

1,206,985

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)

440,000

444,673

Jersey

Central

Power

&

Light

Co.

,

2.75%,

3/1/2032(a)

170,000

143,869

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

1,000,000

964,352

4

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

145,000

116,992

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030

95,000

91,319

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

400,000

421,048

Vistra

Operations

Co.

LLC

,

4.30%,

7/15/2029(a)

1,000,000

924,441

14,858,452

Entertainment

0.4%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031

800,000

706,056

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032(a)

500,000

444,977

1,151,033

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

1,235,000

953,281

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

549,000

505,446

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

1,131,000

974,696

WP

Carey,

Inc.

,

2.45%,

2/1/2032

1,250,000

1,020,239

3,453,662

Food

&

Staples

Retailing

0.6%

CVS

Pass-Through

Trust

,

7.51%,

1/10/2032(a)

590,443

638,204

Walmart,

Inc.

,

4.15%,

9/9/2032

1,000,000

1,001,993

1,640,197

Food

Products

0.4%

Cargill,

Inc.

,

5.13%,

10/11/2032(a)(d)

1,000,000

1,042,562

Health

Care

Equipment

&

Supplies

0.4%

GE

HealthCare

Technologies,

Inc.

,

5.86%,

3/15/2030(a)

1,000,000

1,061,256

Health

Care

Providers

&

Services

0.1%

UnitedHealth

Group,

Inc.

,

5.88%,

2/15/2053

375,000

429,375

Industrial

Conglomerates

0.1%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

322,000

318,261

Insurance

0.3%

New

York

Life

Global

Funding

,

4.55%,

1/28/2033(a)

750,000

752,116

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

0.3%

Amazon.com,

Inc.

,

4.70%,

12/1/2032

825,000

844,554

IT

Services

0.3%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032(d)

850,000

835,501

Media

0.5%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

400,000

356,111

Comcast

Corp.

,

2.94%,

11/1/2056

1,358,000

926,731

1,282,842

Multi-Utilities

0.6%

Black

Hills

Corp.

,

3.05%,

10/15/2029

675,000

593,621

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

1,100,000

1,077,442

1,671,063

Oil,

Gas

&

Consumable

Fuels

2.7%

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051

500,000

358,319

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

215,000

204,567

5.75%,

1/15/2031(a)

350,000

343,650

2.88%,

4/1/2032(a)

836,000

656,855

Energy

Transfer

LP

,

5.50%,

6/1/2027

1,000,000

1,015,087

6.50%,

2/1/2042

250,000

263,707

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

725,000

591,179

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

650,000

550,056

ONEOK,

Inc.

,

7.15%,

1/15/2051

500,000

555,625

Targa

Resources

Partners

LP

,

4.88%,

2/1/2031(d)

505,000

472,086

4.00%,

1/15/2032

1,020,000

890,670

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

80,000

79,348

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

1,417,245

1,359,626

7.50%,

1/15/2028(a)

200,000

208,755

7,549,530

Pharmaceuticals

0.2%

Merck

&

Co.,

Inc.

,

6.55%,

9/15/2037

550,000

660,500

Road

&

Rail

0.9%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

1,600,000

1,504,640

Nationwide

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Burlington

Northern

Santa

Fe

LLC

,

4.15%,

4/1/2045

1,000,000

913,869

2,418,509

Semiconductors

&

Semiconductor

Equipment

0.1%

Intel

Corp.

,

4.15%,

8/5/2032(d)

415,000

396,422

Specialty

Retail

0.4%

AutoZone,

Inc.

,

4.75%,

8/1/2032(d)

1,000,000

1,000,006

Technology

Hardware,

Storage

&

Peripherals

0.8%

Apple,

Inc.

,

3.35%,

8/8/2032

1,650,000

1,541,773

Digital

Equipment

Corp.

,

7.75%,

4/1/2023

825,000

828,616

2,370,389

Thrifts

&

Mortgage

Finance

0.7%

BPCE

SA

,

5.70%,

10/22/2023(a)

1,500,000

1,499,150

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(e)

750,000

596,373

2,095,523

Tobacco

0.5%

BAT

Capital

Corp.

,

3.46%,

9/6/2029

1,010,000

893,074

4.74%,

3/16/2032

200,000

184,872

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

165,000

172,329

5.75%,

11/17/2032(d)

200,000

210,308

1,460,583

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051

810,000

583,167

Total

Corporate

Bonds

(cost

$83,349,656)

76,059,003

Mortgage-Backed

Securities

27.3%

FHLMC

UMBS

Pool

Pool#

SB8088

1.50%,

2/1/2036

3,669,294

3,253,388

Pool#

SB8203

3.50%,

1/1/2038

1,566,743

1,527,651

Pool#

SD8178

2.50%,

11/1/2051

9,108,854

7,988,694

Pool#

QE0799

2.50%,

4/1/2052

8,593,826

7,530,146

Pool#

SD8255

3.50%,

10/1/2052

4,931,014

4,624,997

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

1,259,727

1,184,059

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM1776

3.00%,

10/1/2034

403,871

388,332

Pool#

BC0180

4.00%,

1/1/2046

721,840

711,383

Pool#

BC9003

3.00%,

11/1/2046

106,664

98,943

Pool#

AS8483

3.00%,

12/1/2046

82,738

76,964

Pool#

MA2863

3.00%,

1/1/2047

864,451

801,834

Pool#

BM2003

4.00%,

10/1/2047

444,911

437,364

Pool#

CA2208

4.50%,

8/1/2048

1,478,695

1,488,308

Pool#

CA2469

4.00%,

10/1/2048

646,709

634,136

Pool#

BN0906

4.00%,

11/1/2048

999,092

983,146

Pool#

CA3866

3.50%,

7/1/2049

1,912,029

1,817,032

Pool#

BP5783

3.00%,

5/1/2050

5,434,641

4,996,755

Pool#

MA4210

2.50%,

12/1/2050

981,999

869,681

Pool#

FS2041

2.00%,

8/1/2051

7,721,530

6,496,059

Pool#

MA4491

1.50%,

12/1/2051

1,434,612

1,146,756

Pool#

MA4577

2.00%,

4/1/2052

10,628,289

8,937,004

Pool#

BU8944

3.00%,

4/1/2052

4,823,190

4,384,740

Pool#

MA4732

4.00%,

9/1/2052

7,369,629

7,116,959

Pool#

MA4733

4.50%,

9/1/2052

4,862,751

4,802,880

Pool#

MA4782

3.50%,

10/1/2052

4,937,785

4,631,361

Total

Mortgage-Backed

Securities

(cost

$83,562,016)

76,928,572

Municipal

Bonds

0.5%

California

0.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

500,000

604,214

District

of

Columbia

0.3

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue,

RB,

Series

D,

7.46%,

10/1/2046

600,000

780,715

Total

Municipal

Bonds

(cost

$1,315,460)

1,384,929

6

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

U.S.

Treasury

Obligations

28.8%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.00%,

11/15/2041

16,000,000

12,158,750

2.38%,

2/15/2042

6,000,000

4,853,906

3.25%,

5/15/2042

3,500,000

3,247,344

2.25%,

8/15/2046

2,100,000

1,603,465

2.25%,

2/15/2052

9,500,000

7,137,617

2.88%,

5/15/2052

1,750,000

1,508,008

U.S.

Treasury

Notes

0.25%,

3/15/2024

4,000,000

3,807,969

0.38%,

4/15/2024

1,000,000

950,430

4.25%,

9/30/2024

6,000,000

5,986,406

4.50%,

11/30/2024

4,000,000

4,013,281

1.00%,

12/15/2024

5,000,000

4,709,180

4.25%,

12/31/2024

1,300,000

1,300,000

2.88%,

6/15/2025

2,000,000

1,948,125

3.00%,

7/15/2025

6,000,000

5,858,437

2.63%,

1/31/2026

(f)

4,000,000

3,862,500

2.25%,

2/15/2027

1,000,000

946,445

0.50%,

4/30/2027

2,000,000

1,752,969

2.38%,

5/15/2027

2,000,000

1,897,031

3.25%,

6/30/2027

2,000,000

1,965,859

4.13%,

9/30/2027

2,000,000

2,040,547

3.88%,

12/31/2027

(d)

4,900,000

4,955,508

1.25%,

3/31/2028

1,000,000

889,375

2.75%,

5/31/2029

2,000,000

1,905,156

3.25%,

6/30/2029

1,000,000

980,469

2.75%,

8/15/2032

1,000,000

940,938

Total

U.S.

Treasury

Obligations

(cost

$83,494,921)

81,219,715

Repurchase

Agreement

1.0%

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$2,833,905,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$2,890,583.

(g)

2,833,568

2,833,568

Total

Repurchase

Agreement

(cost

$2,833,568)

2,833,568

Total

Investments

(cost

$299,272,772)

—

99.0%

279,606,221

Other

assets

in

excess

of

liabilities

—

1.0%

2,746,638

NET

ASSETS

—

100.0%

$

282,352,859

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$65,091,502

which

represents

23.05%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$7,646,132,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,833,568

and

by

$5,001,587

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.63%,

and

maturity

dates

ranging

from

5/31/2023

–

5/15/2051,

a

total

value

of

$7,835,155.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(f)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$2,833,568.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Nationwide

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2023

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

Investment

Grade

Index

Series

39-V1

1.00

Quarterly

12/20/2027

0.72

USD

25,200,000

(35,581)

(306,309)

(341,890)

Markit

CDX

North

American

Investment

Grade

Index

Series

39-V1

1.00

Quarterly

12/20/2027

0.72

USD

3,800,000

(1,166)

(50,389)

(51,555)

(36,747)

(356,698)

(393,445)

As

of

January

31,

2023,

the

Fund

had

$387,419

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

8

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

100

3/2023

USD

20,564,844

80,697

U.S.

Treasury

5

Year

Note

84

3/2023

USD

9,176,344

40,580

U.S.

Treasury

10

Year

Note

104

3/2023

USD

11,909,625

158,735

Total

long

contracts

280,012

Short

Contracts

U.S.

Treasury

Long

Bond

(52)

3/2023

USD

(6,753,500)

(134,070)

U.S.

Treasury

Ultra

Bond

(3)

3/2023

USD

(425,250)

(20,234)

Total

short

contracts

(154,304)

Net

contracts

125,708

Currency:

USD

United

States

Dollar

Nationwide

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

10

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

and

financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

26,856,356

$

–

$

26,856,356

Collateralized

Mortgage

Obligations

–

6,855,524

–

6,855,524

Commercial

Mortgage-Backed

Securities

–

7,468,554

–

7,468,554

Corporate

Bonds

–

76,059,003

–

76,059,003

Futures

Contracts

280,012

–

–

280,012

Mortgage-Backed

Securities

–

76,928,572

–

76,928,572

Municipal

Bonds

–

1,384,929

–

1,384,929

Repurchase

Agreement

–

2,833,568

–

2,833,568

U.S.

Treasury

Obligations

–

81,219,715

–

81,219,715

Total

Assets

$

280,012

$

279,606,221

$

–

$

279,886,233

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(356,698)

$

–

$

(356,698)

Futures

Contracts

(154,304)

–

–

(154,304)

Total

Liabilities

$

(154,304)

$

(356,698)

$

–

$

(511,002)

Total

$

125,708

$

279,249,523

$

–

$

279,375,231

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Nationwide

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

12

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Fund

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Nationwide

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Futures

Contra

cts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

280,012

Total

$

280,012

Liabilities:

Swap

Contracts

†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(356,698)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(154,304)

Total

$

(511,002)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

14

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Asset-Backed

Securities

7.3%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

571,759

527,559

Automobiles

2.4%

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

A2,

2.05%,

1/20/2026

495,260

489,809

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,088,000

1,078,933

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A,

2.33%,

8/20/2026(a)

795,000

744,884

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

B,

0.58%,

12/15/2025

2,670,368

2,642,694

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

1,058,000

1,046,015

Ford

Credit

Auto

Owner

Trust,

Series

2022-C,

Class

A4,

4.59%,

12/15/2027

1,367,000

1,366,820

Hyundai

Auto

Receivables

Trust,

Series

2022-B,

Class

A2A,

3.64%,

5/15/2025

1,883,000

1,867,832

Santander

Drive

Auto

Receivables

Trust

Series

2021-3,

Class

B,

0.60%,

12/15/2025

2,193,579

2,179,212

Series

2022-1,

Class

B,

2.36%,

8/17/2026

2,300,000

2,233,591

Series

2022-5,

Class

A3,

4.11%,

8/17/2026

591,000

584,472

14,234,262

Credit

Card

0.6%

Capital

One

Multi-Asset

Execution

Trust,

Series

2005-B3,

Class

B3,

5.38%,

5/15/2028(b)

3,500,000

3,424,447

Equipment

Loans

&

Leases

0.1%

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

267,000

265,485

Other

4.1%

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

5.95%,

4/21/2035(a)(b)

3,045,000

3,007,857

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

5.81%,

1/20/2031(a)(b)

8,250,000

8,192,489

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

6.44%,

4/15/2034(a)(b)

2,000,000

1,950,300

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

CF

Hippolyta

Issuer

LLC,

Series

2020-1,

Class

A1,

1.69%,

7/15/2060(a)

3,384,400

3,058,398

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

3,500,000

3,105,847

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2II,

2.49%,

11/20/2051(a)

3,514,500

3,011,607

Domino's

Pizza

Master

Issuer

LLC,

Series

2021-1A,

Class

A2I,

2.66%,

4/25/2051(a)

938,288

817,950

Hilton

Grand

Vacations

Trust,

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

194,710

189,611

Marlette

Funding

Trust,

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

324,150

321,957

Textainer

Marine

Containers

VII

Ltd.,

Series

2021-

2A,

Class

A,

2.23%,

4/20/2046(a)

860,000

755,910

24,411,926

Total

Asset-Backed

Securities

(cost

$44,147,847)

42,863,679

Collateralized

Mortgage

Obligations

0.2%

FHLMC

REMICS,

Series

4026,

Class

WJ,

2.75%,

8/15/2041

389,680

372,349

Towd

Point

Mortgage

Trust,

Series

2023-1,

Class

A1,

3.75%,

1/25/2063(a)

610,000

580,265

Total

Collateralized

Mortgage

Obligations

(cost

$966,941)

952,614

Commercial

Mortgage-Backed

Securities

1.1%

GNMA

REMICS

Series

2018-17,

Class

MA,

2.60%,

5/1/2052

2,470,271

2,227,170

Series

2019-131,

Class

AD,

2.50%,

8/16/2060

4,839,264

4,271,703

Total

Commercial

Mortgage-Backed

Securities

(cost

$7,318,725)

6,498,873

Corporate

Bonds

48.0%

Aerospace

&

Defense

0.2%

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

1,184,000

1,124,360

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

902,000

822,723

Automobiles

1.3%

Ford

Motor

Co.

,

3.25%,

2/12/2032

4,300,000

3,412,768

General

Motors

Co.

,

6.80%,

10/1/2027

1,500,000

1,597,432

5.60%,

10/15/2032

2,395,000

2,366,033

7,376,233

Banks

4.9%

Bank

of

America

Corp.

,

(SOFR

+

1.99%),

6.20%,

11/10/2028(c)

6,375,000

6,722,694

Citigroup,

Inc.

,

3.20%,

10/21/2026

2,000,000

1,894,939

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

3,325,000

3,126,911

ING

Groep

NV

,

(SOFR

+

1.64%),

3.87%,

3/28/2026(c)

2,533,000

2,460,115

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.07%),

1.95%,

2/4/2032(c)

8,045,000

6,465,075

Mizuho

Financial

Group,

Inc.

,

4.02%,

3/5/2028(d)

5,715,000

5,500,879

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.09%),

4.76%,

1/26/2027(c)

3,000,000

3,004,891

29,175,504

Beverages

0.3%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

1,625,000

1,543,433

Biotechnology

1.9%

AbbVie,

Inc.

,

4.05%,

11/21/2039

1,965,000

1,770,455

Amgen,

Inc.

,

3.00%,

2/22/2029

4,900,000

4,499,616

5.15%,

11/15/2041

3,875,000

3,810,110

5.38%,

5/15/2043

1,320,000

1,282,855

11,363,036

Building

Products

1.4%

Carrier

Global

Corp.

,

2.72%,

2/15/2030

4,000,000

3,494,012

Johnson

Controls

International

plc

,

1.75%,

9/15/2030(d)

3,760,000

3,113,698

Smyrna

Ready

Mix

Concrete

LLC

,

6.00%,

11/1/2028(a)

1,756,000

1,603,263

8,210,973

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

3.4%

Charles

Schwab

Corp.

(The)

,

1.95%,

12/1/2031

5,830,000

4,773,372

Credit

Suisse

Group

AG

,

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(c)

460,000

441,466

Deutsche

Bank

AG

,

(SOFR

+

3.18%),

6.72%,

1/18/2029(c)

799,000

840,735

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.51%),

4.39%,

6/15/2027(c)

3,250,000

3,185,688

(SOFR

+

1.09%),

1.99%,

1/27/2032(c)

4,040,000

3,233,661

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029

1,159,000

1,144,173

Morgan

Stanley

,

7.25%,

4/1/2032

5,600,000

6,566,567

20,185,662

Chemicals

1.2%

Braskem

Netherlands

Finance

BV

,

5.88%,

1/31/2050(a)

1,881,000

1,561,018

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027(d)

2,586,000

2,619,387

LG

Chem

Ltd.

,

2.38%,

7/7/2031(a)

3,750,000

3,053,924

7,234,329

Commercial

Services

&

Supplies

0.4%

ILFC

E-Capital

Trust

I

,

+

1.55%,

14.50%

Cap),

6.29%,

12/21/2065(a)(c)

3,800,000

2,441,500

Consumer

Finance

1.6%

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

5.02%,

12/6/2024(c)

4,295,000

4,252,200

Discover

Financial

Services

,

6.70%,

11/29/2032

517,000

551,889

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

1,000,000

856,706

Synchrony

Financial

,

2.88%,

10/28/2031

4,775,000

3,713,824

9,374,619

Containers

&

Packaging

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)(d)

3,200,000

3,191,040

Sealed

Air

Corp.

,

6.13%,

2/1/2028(a)

88,000

88,783

3,279,823

Diversified

Financial

Services

0.7%

EDP

Finance

BV

,

6.30%,

10/11/2027(a)

200,000

209,882

16

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031

3,720,000

3,033,670

Synchrony

Bank

,

5.40%,

8/22/2025

997,000

992,991

4,236,543

Diversified

Telecommunication

Services

1.7%

AT&T,

Inc.

,

3.55%,

9/15/2055

4,360,000

3,190,135

CCO

Holdings

LLC

,

4.50%,

5/1/2032(a)

1,500,000

1,241,250

Verizon

Communications,

Inc.

,

2.85%,

9/3/2041

7,570,000

5,605,320

10,036,705

Electric

Utilities

4.8%

Avangrid

,

Inc.

,

3.20%,

4/15/2025

2,800,000

2,692,303

Commonwealth

Edison

Co.

,

3.70%,

8/15/2028

2,090,000

2,015,159

Duke

Energy

Carolinas

LLC

,

3.95%,

11/15/2028

3,795,000

3,718,152

Duke

Energy

Corp.

,

5.00%,

8/15/2052

2,415,000

2,309,274

Enel

Finance

America

LLC

,

2.88%,

7/12/2041(a)

3,969,000

2,581,967

Enel

Finance

International

NV

,

5.00%,

6/15/2032(a)

3,200,000

3,049,158

Eversource

Energy

,

Series

R,

1.65%,

8/15/2030

3,200,000

2,570,826

New

England

Power

Co.

,

5.94%,

11/25/2052(a)

1,186,000

1,301,681

PPL

Electric

Utilities

Corp.

,

3.95%,

6/1/2047

1,730,000

1,517,426

Sociedad

de

Transmision

Austral

SA

,

4.00%,

1/27/2032(a)

3,750,000

3,288,709

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

3,750,000

3,508,072

28,552,727

Electrical

Equipment

0.3%

Eaton

Corp.

,

4.15%,

3/15/2033(d)

2,000,000

1,934,115

Electronic

Equipment,

Instruments

&

Components

1.7%

Corning,

Inc.

,

7.25%,

8/15/2036

6,312,000

6,710,401

5.75%,

8/15/2040

3,000,000

3,169,012

9,879,413

Entertainment

0.4%

Netflix,

Inc.

,

5.88%,

11/15/2028

628,000

651,506

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025(a)

1,442,000

1,390,507

2,042,013

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

2.8%

Alexandria

Real

Estate

Equities,

Inc.

,

2.95%,

3/15/2034

3,562,000

3,006,613

Equinix

,

Inc.

,

3.90%,

4/15/2032

3,000,000

2,758,474

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

178,000

172,338

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(a)

1,711,000

1,610,975

Prologis

LP

,

4.63%,

1/15/2033

3,000,000

3,024,492

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

1,110,000

888,166

Ventas

Realty

LP

,

4.00%,

3/1/2028

2,300,000

2,181,154

Vornado

Realty

LP

,

2.15%,

6/1/2026

3,561,000

3,075,759

16,717,971

Food

&

Staples

Retailing

0.7%

Sysco

Corp.

,

2.40%,

2/15/2030

3,655,000

3,168,510

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

1,050,000

1,013,250

4,181,760

Food

Products

0.5%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

1,642,000

1,475,987

NBM

US

Holdings,

Inc.

,

7.00%,

5/14/2026(a)

1,385,000

1,383,906

2,859,893

Health

Care

Providers

&

Services

2.5%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)

6,400,000

5,696,208

Elevance

Health,

Inc.

,

5.10%,

1/15/2044

4,000,000

4,019,683

HCA,

Inc.

,

4.50%,

2/15/2027

4,135,000

4,067,871

3.13%,

3/15/2027(a)(d)

384,000

356,987

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026

652,000

635,029

14,775,778

Hotels,

Restaurants

&

Leisure

0.0%

†

Caesars

Entertainment,

Inc.

,

7.00%,

2/15/2030(a)

51,000

51,892

Household

Durables

0.2%

Newell

Brands,

Inc.

,

6.38%,

9/15/2027

509,000

511,642

6.63%,

9/15/2029(d)

452,000

456,925

968,567

Independent

Power

and

Renewable

Electricity

Producers

0.5%

AES

Corp.

(The)

,

2.45%,

1/15/2031

3,750,000

3,100,336

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

1.6%

Prudential

Financial,

Inc.

,

5.70%,

12/14/2036

3,416,000

3,744,885

SBL

Holdings,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.62%),

6.50%,

11/13/2026(a)(c)(e)

7,500,000

5,747,250

9,492,135

IT

Services

0.2%

Global

Payments,

Inc.

,

5.40%,

8/15/2032

896,000

898,911

Life

Sciences

Tools

&

Services

0.9%

Illumina,

Inc.

,

5.75%,

12/13/2027

504,000

520,824

Thermo

Fisher

Scientific,

Inc.

,

2.00%,

10/15/2031

5,750,000

4,826,086

5,346,910

Media

0.5%

Comcast

Corp.

,

2.89%,

11/1/2051

4,565,000

3,186,833

Metals

&

Mining

0.1%

Alcoa

Nederland

Holding

BV

,

5.50%,

12/15/2027(a)

802,000

792,873

Multiline

Retail

0.2%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)

1,015,000

926,461

Oil,

Gas

&

Consumable

Fuels

6.0%

Aker

BP

ASA

,

2.00%,

7/15/2026(a)

4,500,000

4,077,038

Crestwood

Midstream

Partners

LP

,

7.38%,

2/1/2031(a)(d)

114,000

114,713

CVR

Energy,

Inc.

,

5.25%,

2/15/2025(a)

895,000

863,675

DT

Midstream,

Inc.

,

4.30%,

4/15/2032(a)

1,392,000

1,278,731

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(c)(e)

487,000

444,875

EQT

Corp.

,

5.68%,

10/1/2025

402,000

402,525

FS

Luxembourg

Sarl

,

10.00%,

12/15/2025(a)

2,000,000

2,019,911

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030

2,000,000

2,123,295

ONEOK

Partners

LP

,

6.85%,

10/15/2037

7,593,000

8,166,414

ONEOK,

Inc.

,

6.10%,

11/15/2032

402,000

422,714

Parkland

Corp.

,

4.50%,

10/1/2029(a)

2,000,000

1,715,583

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Valero

Energy

Corp.

,

8.75%,

6/15/2030

2,500,000

2,972,951

7.50%,

4/15/2032

2,641,000

3,069,543

6.63%,

6/15/2037

3,500,000

3,902,636

4.00%,

6/1/2052

816,000

663,136

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

3,500,000

2,962,353

35,200,093

Pharmaceuticals

0.0%

†

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029(d)

285,000

262,823

Road

&

Rail

1.1%

Simpar

Europe

SA

,

5.20%,

1/26/2031(a)

2,500,000

1,823,750

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

590,000

474,342

Union

Pacific

Corp.

,

4.95%,

9/9/2052

4,000,000

4,093,061

6,391,153

Semiconductors

&

Semiconductor

Equipment

1.0%

Micron

Technology,

Inc.

,

2.70%,

4/15/2032(d)

3,750,000

2,992,749

NXP

BV

,

3.40%,

5/1/2030

3,500,000

3,132,103

6,124,852

Software

0.8%

Salesforce,

Inc.

,

2.70%,

7/15/2041

3,565,000

2,686,893

VMware,

Inc.

,

2.20%,

8/15/2031

2,870,000

2,274,600

4,961,493

Specialty

Retail

0.4%

Lowe's

Cos.,

Inc.

,

2.80%,

9/15/2041

3,395,000

2,462,426

Technology

Hardware,

Storage

&

Peripherals

0.8%

Dell

International

LLC

,

5.45%,

6/15/2023

473,000

473,574

3.45%,

12/15/2051(a)

2,555,000

1,697,169

Lenovo

Group

Ltd.

,

6.54%,

7/27/2032(a)

2,328,000

2,396,774

4,567,517

Tobacco

0.3%

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

281,000

293,481

2.10%,

5/1/2030

1,825,000

1,527,654

1,821,135

Total

Corporate

Bonds

(cost

$309,668,572)

283,905,523

18

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Foreign

Government

Securities

0.5%

Principal

Amount

($)

Value

($)

COLOMBIA

0.0%

†

Republic

of

Colombia,

7.50%,

2/2/2034

203,000

200,606

HUNGARY

0.1%

Hungary

Government

Bond,

6.75%,

9/25/2052(a)

400,000

422,000

MEXICO

0.1%

United

Mexican

States,

6.35%,

2/9/2035

447,000

474,511

ROMANIA

0.1%

Romania

Government

Bond,

7.63%,

1/17/2053(a)(d)

370,000

398,777

SAUDI

ARABIA

0.2%

Kingdom

of

Saudi

Arabia,

5.50%,

10/25/2032(a)

1,188,000

1,272,705

Total

Foreign

Government

Securities

(cost

$2,585,804)

2,768,599

Mortgage-Backed

Securities

27.5%

FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

7

7

Pool#

C91768

3.50%,

7/1/2034

2,053,747

2,019,923

Pool#

G30692

3.50%,

8/1/2034

2,692,589

2,648,279

Pool#

G30782

3.50%,

2/1/2035

721,706

709,815

Pool#

C91859

3.50%,

12/1/2035

703,734

690,395

Pool#

C91868

3.50%,

4/1/2036

1,733,026

1,700,184

Pool#

Q10392

3.50%,

8/1/2042

1,069,057

1,032,900

Pool#

G08541

3.50%,

8/1/2043

1,543,745

1,489,750

Pool#

G08554

3.50%,

10/1/2043

885,795

854,535

Pool#

G08588

4.00%,

5/1/2044

610,324

602,095

Pool#

G08721

3.00%,

9/1/2046

2,193,149

2,036,598

Pool#

G08726

3.00%,

10/1/2046

3,197,445

2,974,813

FHLMC

UMBS

Pool

Pool#

SB0548

2.00%,

7/1/2036

5,135,550

4,679,818

Pool#

RB5076

2.00%,

8/1/2040

7,585,625

6,662,883

Pool#

SD0040

3.00%,

7/1/2049

1,729,076

1,591,286

Pool#

SD8036

3.00%,

1/1/2050

1,264,658

1,161,918

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD0612

2.50%,

11/1/2050

3,736,815

3,332,945

Pool#

SD1607

2.50%,

3/1/2052

6,798,354

6,040,810

Pool#

RA7557

4.50%,

6/1/2052

4,551,663

4,496,038

Pool#

SD1716

5.00%,

9/1/2052

3,558,609

3,637,652

Pool#

SD1686

5.50%,

9/1/2052

2,904,493

3,006,300

Pool#

SD1853

5.50%,

11/1/2052

1,505,632

1,570,686

FNMA

UMBS

Pool

Pool#

MA2124

3.00%,

12/1/2029

383,895

373,876

Pool#

AL6591

3.00%,

9/1/2033

2,094,057

2,022,269

Pool#

MA1608

3.50%,

10/1/2033

2,653,437

2,607,152

Pool#

MA1982

3.50%,

8/1/2034

2,785,263

2,736,699

Pool#

MA2610

3.00%,

5/1/2036

2,469,410

2,361,414

Pool#

MA3697

3.00%,

7/1/2039

1,629,617

1,537,319

Pool#

AE0311

3.50%,

8/1/2040

1,806,179

1,741,171

Pool#

AB1845

4.00%,

11/1/2040

1,863,896

1,841,521

Pool#

AJ9278

3.50%,

12/1/2041

1,976,319

1,907,527

Pool#

AW8165

4.00%,

1/1/2042

1,469,748

1,452,100

Pool#

AL2866

3.50%,

11/1/2042

1,484,004

1,428,726

Pool#

AU2592

3.50%,

8/1/2043

1,338,380

1,291,217

Pool#

AX4312

3.50%,

2/1/2045

760,958

730,235

Pool#

AZ7353

3.50%,

11/1/2045

1,201,637

1,151,760

Pool#

AS6408

3.50%,

1/1/2046

1,804,926

1,727,212

Pool#

AS8583

3.50%,

1/1/2047

3,217,613

3,077,236

Pool#

MA3088

4.00%,

8/1/2047

724,615

712,024

Pool#

CA1191

3.50%,

11/1/2047

1,868,892

1,779,236

Pool#

MA3305

3.50%,

3/1/2048

1,538,548

1,467,939

Pool#

MA3744

3.00%,

8/1/2049

1,590,148

1,461,049

Pool#

FS2253

3.50%,

4/1/2050

1,887,136

1,796,333

Pool#

CA7972

3.00%,

9/1/2050

7,326,297

6,708,754

Pool#

FM7398

2.50%,

6/1/2051

4,919,280

4,411,786

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM9134

3.00%,

6/1/2051

4,908,182

4,551,605

Pool#

FP0012

3.00%,

8/1/2051

1,302,818

1,210,956

Pool#

MA4439

3.00%,

10/1/2051

7,601,179

6,919,051

Pool#

FS2838

2.50%,

4/1/2052

1,187,033

1,063,225

Pool#

FS3537

2.50%,

4/1/2052

1,120,462

1,004,936

Pool#

CB3678

4.00%,

5/1/2052

3,127,417

3,030,364

Pool#

FS1855

4.00%,

5/1/2052

2,911,846

2,823,908

Pool#

MA4625

3.50%,

6/1/2052

3,158,528

2,962,530

Pool#

CB3851

4.00%,

6/1/2052

2,021,123

1,978,591

Pool#

MA4684

4.50%,

6/1/2052

5,922,945

5,850,020

Pool#

FS2513

4.00%,

7/1/2052

6,041,560

5,875,550

Pool#

FS2323

4.00%,

7/1/2052

2,201,654

2,137,613

Pool#

FS2293

4.50%,

7/1/2052

6,050,755

6,027,727

Pool#

FS2257

4.50%,

7/1/2052

1,575,280

1,563,438

Pool#

CB4037

5.00%,

7/1/2052

3,016,443

3,027,922

Pool#

BV7937

4.00%,

8/1/2052

3,105,104

2,998,965

Pool#

FS2790

5.00%,

9/1/2052

4,571,975

4,603,645

Pool#

FS3210

5.00%,

9/1/2052

1,999,637

2,015,648

Pool#

FS3220

5.50%,

11/1/2052

2,838,462

2,892,993

GNMA

Pool#

BT6867

,

3.00%,

5/20/2050

1,185,171

1,094,590

Total

Mortgage-Backed

Securities

(cost

$169,521,804)

162,897,462

Municipal

Bonds

1.7%

California

0.7

%

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

A,

3.47%,

11/1/2043

5,000,000

4,226,698

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

1,145,000

1,017,389

Virginia

0.8

%

City

of

Richmond

VA

Public

Utility

Revenue,

RB,

2.50%,

1/15/2029

2,450,000

2,194,662

Municipal

Bonds

Principal

Amount

($)

Value

($)

Virginia

Virginia

College

Building

Authority,

RB,

Series

B,

2.17%,

2/1/2034

3,465,000

2,716,446

4,911,108

Total

Municipal

Bonds

(cost

$12,215,991)

10,155,195

U.S.

Treasury

Obligations

12.1%

U.S.

Treasury

Bonds

1.88%,

2/15/2041

31,412,400

23,612,063

2.00%,

8/15/2051

23,734,700

16,828,459

2.25%,

2/15/2052

6,800

5,109

U.S.

Treasury

Notes

0.13%,

7/31/2023

5,245,000

5,126,168

1.50%,

2/29/2024

9,448,000

9,129,130

0.38%,

4/30/2025

4,531,600

4,174,028

4.13%,

10/31/2027

(d)

550,100

561,489

0.63%,

12/31/2027

8,567,800

7,423,865

1.25%,

6/30/2028

1,665,000

1,473,395

1.00%,

7/31/2028

2,116,200

1,842,830

4.13%,

11/15/2032

1,419,600

1,493,463

Total

U.S.

Treasury

Obligations

(cost

$83,372,971)

71,669,999

Preferred

Stocks

0.6%

Shares

Consumer

Finance

0.4%

Capital

One

Financial

Corp.,

4.80%,

6/1/2025(f)

128,250

2,667,600

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Two

Harbors

Investment

Corp.,

(ICE

LIBOR

USD

3

Month

+

5.35%),

7.63%,

7/27/2027(c)(f)

50,000

1,051,500

Thrifts

&

Mortgage

Finance

0.0%

†

FHLMC,

(ICE

LIBOR

USD

3

Month

+

4.16%,

7.88%

Floor),

8.38%,

12/31/2027*(c)(d)(f)

35,000

70,700

Total

Preferred

Stocks

(cost

$5,403,070)

3,789,800

20

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Repurchase

Agreement

0.5%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$3,233,400,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$3,298,067.

(g)

3,233,015

3,233,015

Total

Repurchase

Agreement

(cost

$3,233,015)

3,233,015

Total

Investments

(cost

$638,434,740)

—

99.5%

588,734,759

Other

assets

in

excess

of

liabilities

—

0.5%

2,717,371

NET

ASSETS

—

100.0%

$

591,452,130

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$88,404,401

which

represents

14.95%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$4,015,097,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,233,015

and

by

$923,004

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

2/28/2023

–

11/15/2052,

a

total

value

of

$4,156,019.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(f)

The

date

shown

reflects

the

next

call

date

on

which

the

issuer

may

redeem

the

security

at

par

value.

The

coupon

rate

for

this

security

is

based

on

par

value

and

is

currently

in

effect

as

of

January

31,

2023.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$3,233,015.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

3

3/2023

USD

616,946

2,388

U.S.

Treasury

Long

Bond

25

3/2023

USD

3,246,875

60,945

U.S.

Treasury

Ultra

Bond

30

3/2023

USD

4,252,500

180,424

Total

long

contracts

243,757

Short

Contracts

U.S.

Treasury

10

Year

Note

(78)

3/2023

USD

(8,932,219)

(14,634)

U.S.

Treasury

10

Year

Ultra

Note

(272)

3/2023

USD

(32,967,250)

(453,723)

Total

short

contracts

(468,357)

Net

contracts

(224,600)

As

of

January

31,

2023,

the

Fund

had

$705,137

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

22

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

42,863,679

$

–

$

42,863,679

Collateralized

Mortgage

Obligations

–

952,614

–

952,614

Commercial

Mortgage-Backed

Securities

–

6,498,873

–

6,498,873

Corporate

Bonds

–

283,905,523

–

283,905,523

Foreign

Government

Securities

–

2,768,599

–

2,768,599

Futures

Contracts

243,757

–

–

243,757

Mortgage-Backed

Securities

–

162,897,462

–

162,897,462

Municipal

Bonds

–

10,155,195

–

10,155,195

Preferred

Stocks

3,789,800

–

–

3,789,800

Repurchase

Agreement

–

3,233,015

–

3,233,015

U.S.

Treasury

Obligations

–

71,669,999

–

71,669,999

Total

Assets

$

4,033,557

$

584,944,959

$

–

$

588,978,516

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(468,357)

$

–

$

–

$

(468,357)

Total

Liabilities

$

(468,357)

$

–

$

–

$

(468,357)

Total

$

3,565,200

$

584,944,959

$

–

$

588,510,159

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

243,757

Total

$

243,757

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(468,357)

Total

$

(468,357)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

24

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

Asset-Backed

Securities

1.9%

Principal

Amount

($)

Value

($)

Other

1.9%

Goodgreen

,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

439,339

393,648

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

1,899,637

1,841,706

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

241,794

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

241,704

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

1,290,000

1,191,390

Total

Asset-Backed

Securities

(cost

$4,128,592)

3,910,242

Collateralized

Mortgage

Obligations

3.3%

FHLMC

REMICS

Series

1684,

Class

I,

6.50%,

3/15/2024

12,598

12,666

Series

2296,

Class

H,

6.50%,

3/15/2031

12

11

FNMA

REMICS

Series

1993-16,

Class

Z,

7.50%,

2/25/2023

3

3

Series

1993-226,

Class

PK,

6.00%,

12/25/2023

6,288

6,257

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

911,716

856,787

GCAT

2022-CM1

Trust,

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

902,866

821,678

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

2,800,000

2,496,265

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

2,820,000

2,596,917

Total

Collateralized

Mortgage

Obligations

(cost

$7,811,990)

6,790,584

Commercial

Mortgage-Backed

Security

0.1%

FNMA

REMICS,

Series

1998-73,

Class

MZ,

6.30%,

10/17/2038

65,901

60,764

Total

Commercial

Mortgage-Backed

Security

(cost

$66,143)

60,764

Mortgage-Backed

Securities

0.8%

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

874982

6.81%,

11/1/2025

1,322,125

1,317,204

Pool#

773298

2.63%,

4/1/2035(b)

232,666

227,500

Pool#

813605

2.55%,

7/1/2036(b)

56,748

55,486

Pool#

745769

3.52%,

7/1/2036(b)

81,525

80,727

Total

Mortgage-Backed

Securities

(cost

$1,715,253)

1,680,917

U.S.

Government

Agency

Securities

7.5%

FFCB,

3.25%,

7/28/2032

5,000,000

4,703,090

FHLB,

5.37%,

9/9/2024

2,615,000

2,653,055

State

of

Israel

AID

Bond,

5.50%,

9/18/2023

8,000,000

8,030,975

Total

U.S.

Government

Agency

Securities

(cost

$15,878,868)

15,387,120

U.S.

Treasury

Obligations

85.4%

U.S.

Treasury

Inflation

Linked

Bonds

1.75%,

1/15/2028

(c)

4,800,000

6,934,227

3.63%,

4/15/2028

(c)

5,000,000

10,201,394

2.50%,

1/15/2029

(c)

4,750,000

7,006,432

3.88%,

4/15/2029

(c)

3,300,000

6,844,151

0.63%,

2/15/2043

(c)

10,850,000

11,868,811

1.38%,

2/15/2044

(c)

7,500,000

9,291,848

0.75%,

2/15/2045

(c)

3,000,000

3,231,234

1.00%,

2/15/2046

(c)

3,875,000

4,352,853

0.88%,

2/15/2047

(c)

5,000,000

5,322,142

1.00%,

2/15/2049

(c)

1,250,000

1,307,649

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

7/15/2024

(c)

2,000,000

2,434,448

0.13%,

4/15/2025

(c)

9,000,000

9,945,036

0.38%,

7/15/2025

(c)

12,000,000

14,571,516

0.63%,

1/15/2026

(c)(d)

11,500,000

13,937,786

0.13%,

7/15/2026

(c)

3,000,000

3,551,445

0.38%,

7/15/2027

(c)

12,250,000

14,266,092

0.50%,

1/15/2028

(c)

10,500,000

12,127,837

0.75%,

7/15/2028

(c)

4,000,000

4,603,796

0.88%,

1/15/2029

(c)

2,500,000

2,868,470

0.25%,

7/15/2029

(c)

4,000,000

4,361,966

0.13%,

1/15/2030

(c)

1,000,000

1,065,690

0.13%,

1/15/2031

(c)

4,250,000

4,435,123

0.13%,

7/15/2031

(c)

14,750,000

14,905,284

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

g

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

1/15/2032

(c)

5,250,000

5,090,689

Total

U.S.

Treasury

Obligations

(cost

$184,378,819)

174,525,919

Total

Investments

(cost

$213,979,665)

—

99.0%

202,355,546

Other

assets

in

excess

of

liabilities

—

1.0%

2,092,682

NET

ASSETS

—

100.0%

$

204,448,228

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$9,825,102

which

represents

4.81%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(c)

Principal

amounts

are

not

adjusted

for

inflation.

(d)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

AID

Agency

for

International

Development

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

Long

Bond

(34)

3/2023

USD

(4,415,750)

(123,597)

Net

contracts

(123,597)

Currency:

USD

United

States

Dollar

26

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

3,910,242

$

–

$

3,910,242

Collateralized

Mortgage

Obligations

–

6,790,584

–

6,790,584

Commercial

Mortgage-Backed

Security

–

60,764

–

60,764

Mortgage-Backed

Securities

–

1,680,917

–

1,680,917

U.S.

Government

Agency

Securities

–

15,387,120

–

15,387,120

U.S.

Treasury

Obligations

–

174,525,919

–

174,525,919

Total

Assets

$

–

$

202,355,546

$

–

$

202,355,546

Liabilities:

Futures

Contracts

$

(123,597)

$

–

$

–

$

(123,597)

Total

Liabilities

$

(123,597)

$

–

$

–

$

(123,597)

Total

$

(123,597)

$

202,355,546

$

–

$

202,231,949

28

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(123,597)

Total

$

(123,597)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Asset-Backed

Securities

16.8%

Principal

Amount

($)

Value

($)

Automobiles

12.7%

Ally

Auto

Receivables

Trust

Series

2019-4,

Class

A3,

1.84%,

6/17/2024

18,255

18,233

Series

2022-3,

Class

A3,

5.07%,

4/15/2027

130,000

130,992

American

Credit

Acceptance

Receivables

Trust

Series

2021-3,

Class

B,

0.66%,

2/13/2026(a)

58,419

58,273

Series

2022-4,

Class

C,

7.86%,

2/15/2029(a)

85,000

88,439

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

25,000

24,570

Series

2021-3,

Class

C,

1.41%,

8/18/2027

265,000

241,498

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

175,000

173,068

Avid

Automobile

Receivables

Trust,

Series

2021-1,

Class

A,

0.61%,

1/15/2025(a)

11,527

11,507

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

570,000

552,921

Series

2022-5A,

Class

A,

6.12%,

4/20/2027(a)

465,000

479,032

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

139,898

134,991

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

A3,

1.31%,

1/11/2027

515,000

491,407

Series

2022-P3,

Class

A3,

4.61%,

11/10/2027

70,000

68,579

Series

2021-N2,

Class

B,

0.75%,

3/10/2028

47,266

43,365

Series

2021-N4,

Class

A1,

0.83%,

9/11/2028

235,173

227,999

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

150,000

144,020

CIG

Auto

Receivables

Trust,

Series

2021-1A,

Class

A,

0.69%,

4/14/2025(a)

90,996

89,628

Credit

Acceptance

Auto

Loan

Trust

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

104,276

103,378

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

275,000

264,285

Series

2021-4,

Class

A,

1.26%,

10/15/2030(a)

255,000

240,860

Series

2022-3A,

Class

A,

6.57%,

10/15/2032(a)

625,000

639,171

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

240,120

233,084

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Drive

Auto

Receivables

Trust,

Series

2021-3,

Class

B,

1.11%,

5/15/2026

235,000

229,393

DT

Auto

Owner

Trust

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

100,072

99,108

Series

2020-3A,

Class

C,

1.47%,

6/15/2026(a)

225,000

219,105

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

175,000

172,522

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

325,000

303,080

Series

2022-3A,

Class

B,

6.74%,

7/17/2028(a)

160,000

163,708

Enterprise

Fleet

Financing

LLC

Series

2022-3,

Class

A2,

4.38%,

7/20/2029(a)

140,000

137,656

Series

2022-4,

Class

A2,

5.76%,

10/22/2029(a)

380,000

383,988

Exeter

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

48,227

48,041

Series

2020-3A,

Class

C,

1.32%,

7/15/2025

88,776

87,909

Series

2021-2A,

Class

B,

0.57%,

9/15/2025

62,497

62,154

Series

2022-4A,

Class

A3,

4.33%,

2/17/2026

235,000

233,119

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

365,000

357,232

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

320,000

316,375

Series

2022-5A,

Class

B,

5.97%,

3/15/2027

360,000

362,407

Series

2022-6A,

Class

B,

6.03%,

8/16/2027

110,000

111,626

First

Investors

Auto

Owner

Trust

Series

2021-1A,

Class

A,

0.45%,

3/16/2026(a)

23,710

23,480

Series

2022-1A,

Class

C,

3.13%,

5/15/2028(a)

350,000

329,756

Flagship

Credit

Auto

Trust

Series

2021-1,

Class

A,

0.31%,

6/16/2025(a)

29,637

29,517

Series

2022-1,

Class

A,

1.79%,

10/15/2026(a)

358,560

348,585

Series

2022-3,

Class

A3,

4.55%,

4/15/2027(a)

385,000

381,374

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

175,000

167,389

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

505,000

512,608

Ford

Credit

Auto

Owner

Trust

Series

2019-C,

Class

A3,

1.87%,

3/15/2024

14,828

14,808

30

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2020-C,

Class

A3,

0.41%,

7/15/2025

176,581

171,578

Series

2021-A,

Class

A3,

0.30%,

8/15/2025

340,800

329,914

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-2,

Class

A2,

4.49%,

3/16/2026(a)

535,000

530,955

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

205,000

197,609

GLS

Auto

Receivables

Issuer

Trust

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

94,953

93,496

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

485,000

464,443

GM

Financial

Automobile

Leasing

Trust,

Series

2021-1,

Class

A3,

0.26%,

2/20/2024

103,661

102,957

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2022-2,

Class

A2,

2.52%,

5/16/2025

187,570

185,441

Series

2021-1,

Class

A3,

0.35%,

10/16/2025

119,839

116,131

Harley-Davidson

Motorcycle

Trust

Series

2020-A,

Class

A3,

1.87%,

10/15/2024

12,908

12,886

Series

2022-A,

Class

A2A,

2.45%,

5/15/2025

63,789

63,246

Series

2021-A,

Class

A3,

0.37%,

4/15/2026

196,507

190,692

Honda

Auto

Receivables

Owner

Trust

Series

2019-4,

Class

A3,

1.83%,

1/18/2024

83,972

83,728

Series

2021-1,

Class

A3,

0.27%,

4/21/2025

184,957

179,565

NextGear

Floorplan

Master

Owner

Trust,

Series

2022-

1A,

Class

A2,

2.80%,

3/15/2027(a)

950,000

905,128

OneMain

Direct

Auto

Receivables

Trust,

Series

2022-1A,

Class

A2,

5.88%,

3/14/2029(a)(b)

585,000

585,551

PenFed

Auto

Receivables

Owner

Trust,

Series

2022-A,

Class

A4,

4.18%,

12/15/2028(a)

120,000

119,080

Prestige

Auto

Receivables

Trust

Series

2020-1A,

Class

C,

1.31%,

11/16/2026(a)

292,698

290,513

Series

2021-1A,

Class

C,

1.53%,

2/15/2028(a)

215,000

200,315

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

175,000

173,680

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C,

1.01%,

1/15/2026

143,134

141,565

Series

2020-3,

Class

C,

1.12%,

1/15/2026

151,485

150,296

Series

2022-7,

Class

A3,

5.75%,

4/15/2027

110,000

111,601

Series

2022-3,

Class

B,

4.13%,

8/16/2027

325,000

318,647

Series

2022-4,

Class

B,

4.42%,

11/15/2027

575,000

566,799

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

170,000

157,854

Toyota

Auto

Receivables

Owner

Trust

Series

2019-D,

Class

A3,

1.92%,

1/16/2024

47,745

47,678

Series

2020-A,

Class

A3,

1.66%,

5/15/2024

349,855

348,307

United

Auto

Credit

Securitization

Trust

Series

2022-1,

Class

B,

2.10%,

3/10/2025(a)

200,000

197,645

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

230,000

228,225

Westlake

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

107,426

106,527

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

80,000

78,094

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

570,000

562,796

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

535,000

504,712

World

Omni

Auto

Receivables

Trust

Series

2019-C,

Class

A3,

1.96%,

12/16/2024

209,165

207,854

Series

2020-B,

Class

A3,

0.63%,

5/15/2025

186,394

183,425

Series

2022-D,

Class

A2A,

5.51%,

3/16/2026

465,000

466,203

World

Omni

Automobile

Lease

Securitization

Trust,

Series

2022-A,

Class

A3,

3.21%,

2/18/2025

125,000

122,460

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

B,

0.85%,

8/16/2027

190,000

176,689

19,228,525

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Consumer

Finance

0.1%

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-1,

Class

A3,

4.66%,

2/16/2028

90,000

90,307

Santander

Drive

Auto

Receivables

Trust,

Series

2023-1,

Class

C,

5.09%,

5/15/2030

115,000

114,746

205,053

Credit

Card

0.3%

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

9/21/2026(a)

480,000

444,518

Diversified

Financial

Services

0.9%

ACHV

ABS

TRUST,

Series

2023-1PL,

Class

A,

6.42%,

3/18/2030(a)

105,000

105,014

CarNow

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A,

6.62%,

12/16/2024(a)

290,000

290,094

DT

Auto

Owner

Trust,

Series

2023-1A,

Class

B,

5.19%,

10/16/2028(a)

170,000

169,923

Flagship

Credit

Auto

Trust

Series

2023-1,

Class

A2,

5.38%,

12/15/2026(a)

425,000

424,977

Series

2023-1,

Class

A3,

5.01%,

8/16/2027(a)

215,000

214,984

Westlake

Automobile

Receivables

Trust,

Series

2023-1A,

Class

C,

5.74%,

8/15/2028(a)

120,000

119,951

1,324,943

Equipment

Loans

&

Leases

0.3%

CNH

Equipment

Trust,

Series

2020-A,

Class

A3,

1.16%,

6/16/2025

27,408

27,054

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2020-1,

Class

A3,

1.76%,

8/15/2023(a)

34,578

34,528

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

420,000

397,785

459,367

Other

1.6%

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

220,000

210,470

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

185,150

166,256

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

BHG

Securitization

Trust,

Series

2022-C,

Class

A,

5.32%,

10/17/2035(a)

140,008

139,023

FREED

ABS

Trust,

Series

2022-4FP,

Class

B,

7.58%,

12/18/2029(a)

375,000

376,134

Marlette

Funding

Trust

Series

2021-3A,

Class

A,

0.65%,

12/15/2031(a)

62,071

61,364

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

139,253

138,311

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

450,000

391,891

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

920,000

894,619

2,378,068

Road

&

Rail

0.0%

†

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-2A,

Class

A,

5.20%,

10/20/2027(a)

100,000

100,423

Student

Loan

0.9%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

171,783

166,923

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

111,051

101,967

Series

2021-A,

Class

A,

0.84%,

5/15/2069(a)

109,073

96,393

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

40,167

35,933

Series

2021-CA,

Class

A,

1.06%,

10/15/2069(a)

337,326

295,802

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

734,034

636,104

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A1,

4.86%,

2/25/2042(a)(b)

11,056

11,033

1,344,155

Total

Asset-Backed

Securities

(cost

$26,198,295)

25,485,052

Collateralized

Mortgage

Obligations

0.9%

FHLMC

REMICS

Series

2611,

Class

HD,

5.00%,

5/15/2023

1,885

1,880

32

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

3585,

Class

LA,

3.50%,

10/15/2024

2,014

1,988

Series

3721,

Class

PE,

3.50%,

9/15/2040

47,264

45,307

FNMA

REMICS

Series

2012-100,

Class

WA,

1.50%,

9/25/2027

86,166

81,121

Series

2012-93,

Class

DP,

1.50%,

9/25/2027

75,718

71,433

GNMA

REMICS

Series

2009-104,

Class

KE,

2.50%,

8/16/2039

6,835

6,679

Series

2009-88,

Class

QE,

3.00%,

9/16/2039

3,335

3,323

Series

2011-39,

Class

NE,

3.50%,

9/16/2039

41,865

41,088

Series

2010-H22,

Class

FE,

4.53%,

5/20/2059(b)

21,284

21,176

Series

2010-H02,

Class

FA,

5.07%,

2/20/2060(b)

174,222

173,072

Series

2011-H11,

Class

FA,

4.68%,

3/20/2061(b)

130,692

130,131

Series

2011-H23,

Class

HA,

3.00%,

12/20/2061

4,363

4,162

Series

2012-H18,

Class

NA,

4.70%,

8/20/2062(b)

44,227

44,041

Series

2016-H13,

Class

FT,

4.76%,

5/20/2066(b)

21,955

21,903

Series

2017-H25,

Class

FD,

4.33%,

12/20/2067(b)

47,430

46,654

Series

2019-H01,

Class

FJ,

4.48%,

9/20/2068(b)

75,999

75,529

Series

2019-H01,

Class

FT,

4.58%,

10/20/2068(b)

207,160

206,317

Series

2019-H13,

Class

FT,

5.18%,

8/20/2069(b)

351,228

351,031

Total

Collateralized

Mortgage

Obligations

(cost

$1,348,549)

1,326,835

Commercial

Mortgage-Backed

Securities

5.2%

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

5.33%,

10/15/2038(a)(b)

680,000

635,017

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

A,

6.60%,

10/15/2037(a)(b)

425,000

414,883

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

A1,

2.79%,

3/15/2062

679,278

666,592

BPR

Trust

Series

2022-OANA,

Class

A,

6.38%,

4/15/2037(a)(b)

200,000

196,996

Series

2021-NRD,

Class

A,

6.01%,

12/15/2038(a)(b)

350,000

329,180

Series

2022-SSP,

Class

A,

7.48%,

5/15/2039(a)(b)

455,000

451,819

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CFCRE

Commercial

Mortgage

Trust

REMICS,

Series

2016-C7,

Class

A3,

3.84%,

12/10/2054

340,000

321,920

Citigroup

Commercial

Mortgage

Trust,

Series

2021-PRM2,

Class

A,

5.41%,

10/15/2038(a)(b)

680,000

661,276

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

395,000

360,500

DROP

Mortgage

Trust,

Series

2021-FILE,

Class

A,

5.61%,

10/15/2043(a)(b)

525,000

502,649

GS

Mortgage

Securities

Corp.

II,

Series

2012-

BWTR,

Class

A,

2.95%,

11/5/2034(a)

350,000

268,086

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

100,000

91,779

Med

Trust,

Series

2021-

MDLN,

Class

A,

5.41%,

11/15/2038(a)(b)

249,259

243,021

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.20%,

8/15/2046(b)

565,000

558,050

MSBAM

Commercial

Mortgage

Securities

Trust,

Series

2012-CKSV,

Class

A2,

3.28%,

10/15/2030(a)

452,961

365,737

OPG

Trust,

Series

2021-

PORT,

Class

A,

4.94%,

10/15/2036(a)(b)

538,019

520,193

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

5.93%,

11/15/2027(a)(b)

336,810

233,439

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,015,000

1,007,345

Total

Commercial

Mortgage-Backed

Securities

(cost

$8,340,289)

7,828,482

Corporate

Bonds

57.3%

Aerospace

&

Defense

0.0%

†

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

23,000

22,832

Airlines

0.2%

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

255,000

256,689

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Airlines

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

120,000

113,920

370,609

Automobiles

1.5%

BMW

US

Capital

LLC

,

3.45%,

4/12/2023(a)

750,000

747,861

Hyundai

Capital

America

,

0.88%,

6/14/2024(a)

715,000

674,248

Kia

Corp.

,

2.38%,

2/14/2025(a)

520,000

488,420

Volkswagen

Group

of

America

Finance

LLC

,

4.25%,

11/13/2023(a)

330,000

327,266

2,237,795

Banks

15.9%

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(c)

545,000

564,027

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

300,000

283,753

ASB

Bank

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.25%),

5.28%,

6/17/2032(a)(c)

295,000

284,523

Banco

Bilbao

Vizcaya

Argentaria

SA

,

0.88%,

9/18/2023

600,000

584,091

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(c)

465,000

449,800

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

360,000

356,040

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(c)

200,000

201,570

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

9/30/2027(a)(c)

295,000

257,516

Bank

of

Montreal

,

Series

H,

4.70%,

9/14/2027

170,000

170,710

5.20%,

2/1/2028

740,000

754,642

Bank

of

Nova

Scotia

(The)

,

4.85%,

2/1/2030

630,000

631,222

Banque

Federative

du

Credit

Mutuel

SA

,

4.75%,

7/13/2027(a)

425,000

421,754

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

745,000

808,029

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

2.24%),

4.70%,

1/10/2025(a)(c)

545,000

541,516

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

BNP

Paribas

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

5.12%,

1/13/2029(a)(c)

530,000

534,420

CaixaBank

SA

,

(SOFR

+

2.70%),

6.21%,

1/18/2029(a)(c)

400,000

405,755

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(c)

95,000

89,967

Citizens

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

450,000

433,236

Commonwealth

Bank

of

Australia

,

5.08%,

1/10/2025

740,000

745,753

Credit

Agricole

SA

,

5.30%,

7/12/2028(a)

500,000

510,471

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

645,000

638,780

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.10%),

6.47%,

1/9/2026(a)(c)

485,000

492,430

DNB

Bank

ASA

,

(United

States

SOFR

Compounded

Index

+

1.95%),

5.90%,

10/9/2026(a)(c)

770,000

778,994

HSBC

Holdings

plc

,

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

285,000

255,813

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

280,000

291,333

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)

280,000

289,149

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.07%),

5.55%,

12/15/2025(c)

1,125,000

1,134,077

KeyBank

NA

,

5.85%,

11/15/2027

415,000

434,894

National

Australia

Bank

Ltd.

,

4.94%,

1/12/2028

295,000

301,726

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(c)

600,000

589,287

National

Securities

Clearing

Corp.

,

5.10%,

11/21/2027(a)

495,000

506,217

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)

455,000

402,584

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.62%),

5.35%,

12/2/2028(c)

180,000

185,299

34

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

PNC

Financial

Services

Group,

Inc.

(The),

(United

States

SOFR

Compounded

Index

+

2.14%),

6.04%,

10/28/2033(c)(d)

125,000

135,098

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)

140,000

141,218

Royal

Bank

of

Canada

,

6.00%,

11/1/2027

495,000

522,896

4.90%,

1/12/2028

220,000

221,868

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

610,000

583,621

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(c)

535,000

553,758

(SOFR

+

2.60%),

6.53%,

1/10/2029(c)

535,000

558,243

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

6.45%,

1/10/2029(a)(c)

745,000

772,803

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.10%),

7.78%,

11/16/2025(a)(c)

215,000

224,305

6.30%,

1/9/2029(a)

575,000

599,496

Swedbank

AB

,

5.34%,

9/20/2027(a)

490,000

495,844

Toronto-Dominion

Bank

(The)

,

5.16%,

1/10/2028

740,000

755,054

Truist

Financial

Corp.

,

(SOFR

+

1.44%),

4.87%,

1/26/2029(c)

750,000

754,238

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

215,000

211,251

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

455,000

412,780

US

Bancorp

,

(SOFR

+

1.66%),

4.55%,

7/22/2028(c)

425,000

424,362

Wells

Fargo

&

Co.

,

(SOFR

+

1.32%),

3.91%,

4/25/2026(c)(d)

795,000

776,691

Westpac

Banking

Corp.

,

5.46%,

11/18/2027

95,000

98,996

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.68%),

5.41%,

8/10/2033(c)

425,000

422,745

23,994,645

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

0.7%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

565,000

550,977

Coca-Cola

Europacific

Partners

plc

,

0.50%,

5/5/2023(a)

490,000

484,449

1,035,426

Capital

Markets

5.4%

Ares

Capital

Corp.

,

2.88%,

6/15/2028(d)

310,000

261,789

Barings

BDC,

Inc.

,

3.30%,

11/23/2026

105,000

92,570

Blackstone

Holdings

Finance

Co.

LLC

,

5.90%,

11/3/2027(a)

150,000

156,157

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026

485,000

415,338

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

290,000

235,716

Credit

Suisse

AG

,

5.00%,

7/9/2027(d)

350,000

331,988

Credit

Suisse

Group

AG

,

(SOFR

+

3.70%),

6.44%,

8/11/2028(a)(c)

625,000

604,469

Deutsche

Bank

AG

,

(SOFR

+

3.19%),

6.12%,

7/14/2026(c)

240,000

242,642

5.37%,

9/9/2027

395,000

404,847

(SOFR

+

3.18%),

6.72%,

1/18/2029(c)

310,000

326,193

FS

KKR

Capital

Corp.

,

4.25%,

2/14/2025(a)

90,000

85,007

3.25%,

7/15/2027

200,000

173,764

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

240,000

214,831

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

355,000

311,327

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

290,000

256,081

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

500,000

1,750

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

370,000

325,922

Morgan

Stanley

,

(SOFR

+

0.46%),

4.76%,

1/25/2024(c)

1,080,000

1,078,941

(SOFR

+

0.62%),

0.73%,

4/5/2024(c)

835,000

827,762

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

210,000

201,060

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

420,000

377,468

Owl

Rock

Capital

Corp.

,

3.75%,

7/22/2025

310,000

290,735

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

OWL

Rock

Core

Income

Corp.

,

5.50%,

3/21/2025

115,000

112,276

7.75%,

9/16/2027(a)

60,000

60,454

Owl

Rock

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

440,000

404,183

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.05%),

4.70%,

8/5/2027(a)(c)

295,000

291,172

8,084,442

Chemicals

0.6%

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027(d)

575,000

582,424

Nutrien

Ltd.

,

5.90%,

11/7/2024

335,000

340,314

922,738

Consumer

Finance

4.0%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

280,000

272,940

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

235,000

227,672

7.10%,

11/15/2027

335,000

353,545

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

345,000

339,126

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

205,000

195,880

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

25,000

24,152

(SOFR

+

2.08%),

1.00%,

2/1/2029(c)

500,000

503,183

Caterpillar

Financial

Services

Corp.

,

4.80%,

1/6/2026

420,000

425,610

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

465,000

431,177

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

615,000

626,558

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

70,000

66,404

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

200,000

184,789

John

Deere

Capital

Corp.

,

4.75%,

1/20/2028

590,000

602,498

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

495,000

469,750

PACCAR

Financial

Corp.

,

1.90%,

2/7/2023

960,000

959,624

Synchrony

Financial

,

4.88%,

6/13/2025

220,000

215,745

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Toyota

Motor

Credit

Corp.

,

4.63%,

1/12/2028

205,000

207,084

6,105,737

Containers

&

Packaging

0.5%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

185,000

181,108

Sonoco

Products

Co.

,

1.80%,

2/1/2025

655,000

613,736

794,844

Diversified

Financial

Services

0.9%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

390,000

328,312

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

320,000

305,960

Equitable

Holdings,

Inc.

,

3.90%,

4/20/2023

379,000

378,306

Synchrony

Bank

,

5.40%,

8/22/2025

305,000

303,774

1,316,352

Diversified

Telecommunication

Services

0.3%

British

Telecommunications

plc

,

4.50%,

12/4/2023

400,000

397,316

Electric

Utilities

4.3%

Alliant

Energy

Finance

LLC

,

3.75%,

6/15/2023(a)

820,000

815,477

American

Electric

Power

Co.,

Inc.

,

Series

A,

(ICE

LIBOR

USD

3

Month

+

0.48%),

4.92%,

11/1/2023(c)

1,085,000

1,080,787

2.03%,

3/15/2024

255,000

246,408

Edison

International

,

4.70%,

8/15/2025

585,000

576,342

Eversource

Energy

,

Series

N,

3.80%,

12/1/2023

1,155,000

1,143,274

NextEra

Energy

Capital

Holdings,

Inc.

,

0.65%,

3/1/2023

500,000

498,477

(United

States

SOFR

Compounded

Index

+

0.40%),

4.74%,

11/3/2023(c)

170,000

169,762

4.26%,

9/1/2024

480,000

475,878

Pacific

Gas

and

Electric

Co.

,

3.25%,

2/16/2024

465,000

456,418

Southern

Co.

(The)

,

Series

21-A,

0.60%,

2/26/2024

750,000

716,630

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

375,000

367,787

6,547,240

36

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electronic

Equipment,

Instruments

&

Components

0.1%

Flex

Ltd.

,

6.00%,

1/15/2028

180,000

186,966

Entertainment

0.5%

Take-Two

Interactive

Software,

Inc.

,

3.30%,

3/28/2024

555,000

543,935

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027(a)

285,000

267,107

811,042

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

Digital

Realty

Trust

LP

,

5.55%,

1/15/2028

185,000

189,035

Federal

Realty

Investment

Trust

,

3.95%,

1/15/2024

665,000

657,541

GLP

Capital

LP

,

5.25%,

6/1/2025

600,000

595,548

Hudson

Pacific

Properties

LP

,

5.95%,

2/15/2028

390,000

377,054

Office

Properties

Income

Trust

,

4.50%,

2/1/2025

350,000

325,624

2,144,802

Food

Products

0.5%

JBS

USA

LUX

SA

,

5.13%,

2/1/2028(a)(d)

805,000

787,470

Gas

Utilities

0.2%

CenterPoint

Energy

Resources

Corp.

,

0.70%,

3/2/2023

260,000

259,190

Health

Care

Equipment

&

Supplies

0.5%

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(a)

735,000

741,281

Hotels,

Restaurants

&

Leisure

0.4%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

126,000

128,019

Hyatt

Hotels

Corp.

,

1.30%,

10/1/2023

405,000

394,187

5.63%,

4/23/2025(f)

65,000

65,609

587,815

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

315,000

300,229

Insurance

5.6%

Assurant,

Inc.

,

4.20%,

9/27/2023

227,000

225,321

Athene

Global

Funding

,

2.50%,

3/24/2028(a)

380,000

330,711

Athene

Holding

Ltd.

,

6.65%,

2/1/2033

110,000

116,222

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

255,000

245,840

1.75%,

1/13/2025(a)

375,000

348,288

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

475,000

414,035

Equitable

Financial

Life

Global

Funding

,

5.50%,

12/2/2025(a)

595,000

600,400

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028(a)

185,000

189,608

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

390,000

383,467

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

565,000

545,426

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

995,000

909,916

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

460,000

430,304

MassMutual

Global

Funding

II

,

4.15%,

8/26/2025(a)

202,000

199,428

Metropolitan

Life

Global

Funding

I

,

0.90%,

6/8/2023(a)

445,000

438,711

New

York

Life

Global

Funding

,

4.85%,

1/9/2028(a)

560,000

570,204

Pricoa

Global

Funding

I

,

1.15%,

12/6/2024(a)

955,000

891,206

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

460,000

429,809

4.71%,

7/6/2027(a)

395,000

391,580

RGA

Global

Funding

,

2.70%,

1/18/2029(a)

360,000

315,600

Security

Benefit

Global

Funding

,

1.25%,

5/17/2024(a)

450,000

425,361

Trustage

Financial

Group,

Inc.

,

4.63%,

4/15/2032(a)

135,000

121,544

8,522,981

Internet

&

Direct

Marketing

Retail

0.2%

Prosus

NV

,

3.26%,

1/19/2027(a)

370,000

335,907

IT

Services

1.4%

Fidelity

National

Information

Services,

Inc.

,

4.50%,

7/15/2025

555,000

549,311

Global

Payments,

Inc.

,

1.50%,

11/15/2024

275,000

257,779

International

Business

Machines

Corp.

,

4.50%,

2/6/2028

750,000

751,819

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

570,000

569,398

2,128,307

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

0.6%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

230,000

226,947

3.95%,

5/23/2025

525,000

513,821

5.45%,

10/14/2025

170,000

172,789

913,557

Metals

&

Mining

0.4%

ArcelorMittal

SA

,

6.55%,

11/29/2027

435,000

454,387

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

190,000

187,762

642,149

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.4%

Starwood

Property

Trust,

Inc.

,

5.50%,

11/1/2023(a)

290,000

288,186

3.75%,

12/31/2024(a)

355,000

337,134

625,320

Multi-Utilities

1.8%

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(f)

295,000

286,248

DTE

Energy

Co.

,

4.22%,

11/1/2024(f)

520,000

513,937

Public

Service

Enterprise

Group,

Inc.

,

0.84%,

11/8/2023

675,000

653,004

Sempra

Energy

,

3.70%,

4/1/2029

165,000

155,648

WEC

Energy

Group,

Inc.

,

0.55%,

9/15/2023

1,105,000

1,075,308

2,684,145

Oil,

Gas

&

Consumable

Fuels

1.5%

Crescent

Energy

Finance

LLC

,

9.25%,

2/15/2028(a)

365,000

364,434

Crestwood

Midstream

Partners

LP

,

7.38%,

2/1/2031(a)(d)

520,000

523,250

EQT

Corp.

,

6.13%,

2/1/2025(f)

240,000

242,357

Gray

Oak

Pipeline

LLC

,

2.60%,

10/15/2025(a)

75,000

68,727

Kinder

Morgan,

Inc.

,

5.20%,

6/1/2033

225,000

224,209

TransCanada

PipeLines

Ltd.

,

1.00%,

10/12/2024

975,000

912,166

2,335,143

Pharmaceuticals

0.9%

AstraZeneca

plc

,

3.50%,

8/17/2023

695,000

689,959

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

385,000

375,630

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027

230,000

213,613

1,279,202

Corporate

Bonds

Principal

Amount

($)

Value

($)

Real

Estate

Management

&

Development

0.1%

Forestar

Group,

Inc.

,

3.85%,

5/15/2026(a)

155,000

138,120

Road

&

Rail

1.2%

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

215,000

203,037

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

845,000

840,458

4.00%,

7/15/2025(a)

45,000

43,496

Ryder

System,

Inc.

,

4.63%,

6/1/2025

245,000

242,821

Triton

Container

International

Ltd.

,

0.80%,

8/1/2023(a)

495,000

480,929

1,810,741

Semiconductors

&

Semiconductor

Equipment

1.5%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

245,000

229,707

Marvell

Technology,

Inc.

,

4.20%,

6/22/2023

600,000

597,240

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

335,000

330,228

Micron

Technology,

Inc.

,

6.75%,

11/1/2029

395,000

421,306

Qorvo,

Inc.

,

1.75%,

12/15/2024(a)

100,000

93,568

Skyworks

Solutions,

Inc.

,

0.90%,

6/1/2023

525,000

516,892

2,188,941

Software

0.9%

Infor,

Inc.

,

1.45%,

7/15/2023(a)

225,000

220,206

Open

Text

Corp.

,

6.90%,

12/1/2027(a)

165,000

168,919

VMware,

Inc.

,

0.60%,

8/15/2023

1,005,000

982,172

1,371,297

Specialty

Retail

0.3%

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025

400,000

398,243

Technology

Hardware,

Storage

&

Peripherals

0.6%

Dell

International

LLC

,

5.85%,

7/15/2025

390,000

397,390

5.25%,

2/1/2028

400,000

403,339

Western

Digital

Corp.

,

2.85%,

2/1/2029

85,000

69,282

870,011

Tobacco

0.6%

BAT

International

Finance

plc

,

4.45%,

3/16/2028

940,000

899,670

Trading

Companies

&

Distributors

1.0%

Air

Lease

Corp.

,

0.70%,

2/15/2024

505,000

481,675

0.80%,

8/18/2024

200,000

186,341

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

330,000

287,693

38

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

515,000

511,904

1,467,613

Wireless

Telecommunication

Services

0.2%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

315,000

314,241

Total

Corporate

Bonds

(cost

$88,752,219)

86,574,359

Mortgage-Backed

Securities

0.5%

FHLMC

Gold

Pool

Pool#

G14899

3.00%,

11/1/2023

10,793

10,715

Pool#

G13746

4.50%,

1/1/2025

17,851

18,077

Pool#

G13888

5.00%,

6/1/2025

1,768

1,799

Pool#

J19197

3.00%,

5/1/2027

96,102

93,229

Pool#

C00748

6.00%,

4/1/2029

4,080

4,271

Pool#

C01418

5.50%,

10/1/2032

30,471

31,725

Pool#

G01740

5.50%,

12/1/2034

16,719

17,494

Pool#

G04342

6.00%,

4/1/2038

20,825

21,959

FHLMC

Non

Gold

Pool

Pool#

972136

4.35%,

1/1/2034(b)

18,581

18,699

Pool#

848191

3.98%,

12/1/2034(b)

109,148

107,267

FNMA

Pool#

815323

,

5.34%,

1/1/2035

(b)

28,398

28,399

FNMA

UMBS

Pool

Pool#

981257

5.00%,

5/1/2023

1,311

1,332

Pool#

931892

4.50%,

9/1/2024

69,926

70,731

Pool#

AL0802

4.50%,

4/1/2025

13,292

13,445

Pool#

AB2518

4.00%,

3/1/2026

17,792

17,668

Pool#

AB4998

3.00%,

4/1/2027

171,954

166,591

Pool#

190307

8.00%,

6/1/2030

368

388

Pool#

253516

8.00%,

11/1/2030

272

283

Pool#

725773

5.50%,

9/1/2034

36,999

38,672

Pool#

811773

5.50%,

1/1/2035

36,346

38,073

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

Pool#

5080

,

4.00%,

6/20/2026

23,944

23,718

Total

Mortgage-Backed

Securities

(cost

$741,221)

724,535

U.S.

Treasury

Obligations

15.6%

U.S.

Treasury

Notes

4.38%,

10/31/2024

6,920,000

6,922,703

4.25%,

12/31/2024

14,480,000

14,480,000

4.13%,

1/31/2025

2,140,000

2,137,576

Total

U.S.

Treasury

Obligations

(cost

$23,549,834)

23,540,279

Short-Term

Investment

1.2%

U.S.

Treasury

Obligation

1.2%

U.S.

Treasury

Bills,

4.48%,

3/2/2023

1,890,000

1,883,274

Total

Short-Term

Investment

(cost

$1,883,225)

1,883,274

Repurchase

Agreement

0.5%

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$809,547,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$825,737.

(g)

809,450

809,450

Total

Repurchase

Agreement

(cost

$809,450)

809,450

Total

Investments

(cost

$151,623,082)

—

98.0%

148,172,266

Other

assets

in

excess

of

liabilities

—

2.0%

3,010,241

NET

ASSETS

—

100.0%

$

151,182,507

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$57,064,837

which

represents

37.75%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$1,740,581,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$809,450

and

by

$970,262

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2049,

a

total

value

of

$1,779,712.

(e)

Security

in

default.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$809,450.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

16

3/2023

USD

3,290,375

13,471

Total

long

contracts

13,471

Short

Contracts

U.S.

Treasury

5

Year

Note

(31)

3/2023

USD

(3,386,508)

(36,638)

U.S.

Treasury

10

Year

Ultra

Note

(27)

3/2023

USD

(3,272,484)

(53,877)

Total

short

contracts

(90,515)

Net

contracts

(77,044)

As

of

January

31,

2023,

the

Fund

had

$327,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

40

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

25,485,052

$

–

$

25,485,052

Collateralized

Mortgage

Obligations

–

1,326,835

–

1,326,835

Commercial

Mortgage-Backed

Securities

–

7,828,482

–

7,828,482

Corporate

Bonds

–

86,574,359

–

86,574,359

Futures

Contracts

13,471

–

–

13,471

Mortgage-Backed

Securities

–

724,535

–

724,535

Repurchase

Agreement

–

809,450

–

809,450

Short-Term

Investment

–

1,883,274

–

1,883,274

U.S.

Treasury

Obligations

–

23,540,279

–

23,540,279

Total

Assets

$

13,471

$

148,172,266

$

–

$

148,185,737

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(90,515)

$

–

$

–

$

(90,515)

Total

Liabilities

$

(90,515)

$

–

$

–

$

(90,515)

Total

$

(77,044)

$

148,172,266

$

–

$

148,095,222

42

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

13,471

Total

$

13,471

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(90,515)

Total

$

(90,515)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Asset-Backed

Securities

9.4%

Principal

Amount

($)

Value

($)

Automobiles

7.8%

American

Credit

Acceptance

Receivables

Trust

Series

2021-3,

Class

B,

0.66%,

2/13/2026(a)

175,257

174,820

Series

2020-4,

Class

C,

1.31%,

12/14/2026(a)

480,619

473,289

Series

2022-4,

Class

C,

7.86%,

2/15/2029(a)

130,000

135,259

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B,

0.97%,

2/18/2026

160,000

157,248

Series

2021-2,

Class

B,

0.69%,

1/19/2027

655,000

616,986

Series

2021-3,

Class

C,

1.41%,

8/18/2027

830,000

756,388

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

520,000

514,260

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2019-2A,

Class

A,

3.35%,

9/22/2025(a)

980,000

950,635

Series

2022-5A,

Class

A,

6.12%,

4/20/2027(a)

730,000

752,029

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

A3,

1.31%,

1/11/2027

1,690,000

1,612,581

Series

2022-P3,

Class

A3,

4.61%,

11/10/2027

270,000

264,519

Series

2021-N2,

Class

B,

0.75%,

3/10/2028

134,527

123,423

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

480,000

460,863

Credit

Acceptance

Auto

Loan

Trust

Series

2020-2A,

Class

A,

1.37%,

7/16/2029(a)

253,242

251,061

Series

2020-3A,

Class

B,

1.77%,

12/17/2029(a)

660,000

626,029

Series

2021-2A,

Class

A,

0.96%,

2/15/2030(a)

565,000

545,598

Series

2021-3A,

Class

A,

1.00%,

5/15/2030(a)

625,000

600,648

Series

2021-4,

Class

A,

1.26%,

10/15/2030(a)

530,000

500,611

Series

2022-3A,

Class

A,

6.57%,

10/15/2032(a)

1,360,000

1,390,836

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

704,699

684,051

Drive

Auto

Receivables

Trust

Series

2021-2,

Class

B,

0.58%,

12/15/2025

598,163

591,963

Series

2021-3,

Class

B,

1.11%,

5/15/2026

735,000

717,462

DT

Auto

Owner

Trust

Series

2021-1A,

Class

B,

0.62%,

9/15/2025(a)

86,628

86,124

Series

2020-2A,

Class

C,

3.28%,

3/16/2026(a)

222,383

220,239

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2021-2A,

Class

B,

0.81%,

1/15/2027(a)

510,000

502,778

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

690,000

643,462

Series

2022-3A,

Class

B,

6.74%,

7/17/2028(a)

1,015,000

1,038,525

Enterprise

Fleet

Financing

LLC,

Series

2022-3,

Class

A2,

4.38%,

7/20/2029(a)

290,000

285,145

Exeter

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

3.28%,

5/15/2025(a)

105,578

105,172

Series

2021-2A,

Class

B,

0.57%,

9/15/2025

179,479

178,494

Series

2021-4A,

Class

B,

1.05%,

5/15/2026

1,140,000

1,115,737

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

945,000

934,295

Series

2022-5A,

Class

B,

5.97%,

3/15/2027

1,115,000

1,122,454

Series

2022-6A,

Class

B,

6.03%,

8/16/2027

355,000

360,247

Flagship

Credit

Auto

Trust

Series

2020-2,

Class

C,

3.80%,

4/15/2026(a)

45,468

45,189

Series

2020-4,

Class

C,

1.28%,

2/16/2027(a)

120,000

114,919

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

500,000

478,253

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

785,000

796,826

Series

2021-3,

Class

B,

0.95%,

7/15/2027(a)

375,000

353,470

Ford

Credit

Auto

Owner

Trust

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,900,000

1,842,053

Series

2021-1,

Class

A,

1.37%,

10/17/2033(a)

980,000

885,794

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

635,000

612,106

Series

2022-2,

Class

A3,

4.59%,

6/15/2027(a)

525,000

518,048

GLS

Auto

Receivables

Issuer

Trust

Series

2021-1A,

Class

B,

0.82%,

4/15/2025(a)

15,157

15,130

Series

2021-3A,

Class

B,

0.78%,

11/17/2025(a)

545,000

532,491

Series

2020-4A,

Class

C,

1.14%,

11/17/2025(a)

340,250

335,029

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

1,570,000

1,503,454

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-2,

Class

A3,

1.49%,

12/16/2024

68,995

68,227

44

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

GMF

Floorplan

Owner

Revolving

Trust,

Series

2020-1,

Class

A,

0.68%,

8/15/2025(a)

310,000

302,566

NextGear

Floorplan

Master

Owner

Trust,

Series

2020-

1A,

Class

A2,

1.55%,

2/15/2025(a)

100,000

99,849

Prestige

Auto

Receivables

Trust,

Series

2021-

1A,

Class

C,

1.53%,

2/15/2028(a)

680,000

633,554

Santander

Consumer

Auto

Receivables

Trust,

Series

2020-AA,

Class

C,

3.71%,

2/17/2026(a)

385,000

382,095

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C,

1.01%,

1/15/2026

367,287

363,260

Series

2022-1,

Class

B,

2.36%,

8/17/2026

975,000

946,848

Series

2022-5,

Class

B,

4.43%,

3/15/2027

460,000

454,010

Series

2022-7,

Class

A3,

5.75%,

4/15/2027

175,000

177,548

Series

2022-3,

Class

B,

4.13%,

8/16/2027

975,000

955,942

Series

2022-4,

Class

B,

4.42%,

11/15/2027

860,000

847,734

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2020-

1A,

Class

A,

1.35%,

5/25/2033(a)

405,000

376,065

United

Auto

Credit

Securitization

Trust

Series

2022-1,

Class

B,

2.10%,

3/10/2025(a)

315,000

311,292

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

490,000

486,218

Westlake

Automobile

Receivables

Trust

Series

2020-2A,

Class

C,

2.01%,

7/15/2025(a)

240,894

238,880

Series

2020-3A,

Class

C,

1.24%,

11/17/2025(a)

305,000

297,733

Series

2021-1A,

Class

B,

0.64%,

3/16/2026(a)

1,625,000

1,604,461

Series

2021-2A,

Class

B,

0.62%,

7/15/2026(a)

620,000

600,774

Series

2021-3A,

Class

C,

1.58%,

1/15/2027(a)

1,675,000

1,580,172

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

123,999

123,075

Series

2021-A,

Class

B,

0.85%,

8/16/2027

595,000

553,314

38,929,610

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Consumer

Finance

0.0%

†

Santander

Drive

Auto

Receivables

Trust,

Series

2023-1,

Class

C,

5.09%,

5/15/2030

185,000

184,591

Diversified

Financial

Services

0.1%

DT

Auto

Owner

Trust,

Series

2023-1A,

Class

B,

5.19%,

10/16/2028(a)

280,000

279,874

Westlake

Automobile

Receivables

Trust,

Series

2023-1A,

Class

C,

5.74%,

8/15/2028(a)

275,000

274,888

554,762

Equipment

Loans

&

Leases

0.1%

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

645,000

610,885

Other

1.1%

Affirm

Asset

Securitization

Trust,

Series

2021-B,

Class

A,

1.03%,

8/17/2026(a)

665,000

636,195

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

577,414

518,493

BHG

Securitization

Trust,

Series

2022-C,

Class

A,

5.32%,

10/17/2035(a)

196,886

195,501

Hilton

Grand

Vacations

Trust,

Series

2022-2A,

Class

C,

5.57%,

1/25/2037(a)

91,844

89,573

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

1,355,000

1,180,026

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

1,920,000

1,867,030

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048(a)

890,475

847,445

5,334,263

Road

&

Rail

0.1%

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-2A,

Class

A,

5.20%,

10/20/2027(a)

295,000

296,248

Student

Loan

0.2%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

259,038

251,710

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

229,505

210,732

Series

2020-BA,

Class

A2,

2.12%,

1/15/2069(a)

275,579

252,270

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

101,220

90,551

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A2B,

2.95%,

2/25/2042(a)

166,507

160,465

965,728

Total

Asset-Backed

Securities

(cost

$48,378,524)

46,876,087

Collateralized

Mortgage

Obligations

7.1%

FHLMC

REMICS

Series

5065,

Class

HI,

IO,

4.92%,

4/15/2042(b)

1,938,113

338,070

Series

5115,

Class

FD,

4.00%,

8/15/2043(b)

2,167,345

2,080,890

Series

5065,

Class

EI,

IO,

5.43%,

11/25/2044(b)

428,948

90,804

Series

5094,

Class

,

IO,

1.55%,

12/15/2048(b)

883,475

61,791

Series

5214,

Class

BI,

IO,

0.90%,

4/25/2052(b)

124,155

4,903

Series

5214,

Class

BY,

3.00%,

4/25/2052

45,000

38,146

FNMA

REMICS

Series

2004-29,

Class

PS,

IO,

3.09%,

5/25/2034(b)

1,082,154

132,347

Series

2016-32,

Class

SA,

IO,

1.59%,

10/25/2034(b)

5,253,523

395,310

Series

2020-85,

Class

LI,

IO,

3.00%,

2/25/2035

3,029,327

404,428

Series

2010-57,

Class

SA,

IO,

1.94%,

6/25/2040(b)

1,525,017

141,392

Series

2010-63,

Class

SA,

IO,

1.99%,

6/25/2040(b)

1,325,079

122,003

Series

2010-118,

Class

SN,

IO,

2.09%,

10/25/2040(b)

6,774,723

797,689

Series

2013-18,

Class

FB,

4.86%,

10/25/2041(b)

120,039

119,817

Series

2013-117,

Class

Z,

3.50%,

11/25/2043

6,399,021

6,048,129

Series

2015-55,

Class

IN,

IO,

4.50%,

8/25/2045

292,802

45,007

Series

2017-26,

Class

ID,

IO,

3.50%,

4/25/2047

224,766

24,907

Series

2018-4,

Class

FM,

4.81%,

2/25/2048(b)

297,933

287,533

Series

2019-31,

Class

FA,

4.91%,

7/25/2049(b)

1,310,403

1,289,385

Series

2021-24,

Class

,

IO,

1.16%,

3/25/2059(b)

3,732,728

272,647

GNMA

REMICS

Series

2009-61,

Class

ZQ,

6.00%,

8/16/2039

3,673,183

3,976,074

Series

2019-21,

Class

,

IO,

4.50%,

2/20/2049

4,087,608

623,271

Series

2019-117,

Class

LI,

IO,

3.50%,

9/20/2049

484,833

35,004

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-132,

Class

LI,

IO,

3.50%,

10/20/2049

169,375

17,530

Series

2012-H20,

Class

PT,

5.39%,

7/20/2062(b)

467,033

465,739

Series

2018-H02,

Class

ZJ,

4.54%,

10/20/2064(b)

560,684

553,281

Series

2017-H12,

Class

EZ,

4.67%,

6/20/2066(b)

659,827

654,476

Series

2017-H13,

Class

JZ,

5.05%,

5/20/2067(b)

132,591

134,098

Series

2017-H22,

Class

FD,

4.38%,

11/20/2067(b)

40,825

40,383

Series

2017-H25,

Class

FD,

4.33%,

12/20/2067(b)

61,846

60,834

Series

2021-H08,

Class

IA,

IO,

0.43%,

1/20/2068(b)

636,674

8,789

Series

2019-H01,

Class

FT,

4.58%,

10/20/2068(b)

4,176,618

4,159,618

Series

2019-H07,

Class

BZ,

4.27%,

1/20/2069(b)

4,350,559

4,261,008

Series

2019-H05,

Class

FT,

5.16%,

4/20/2069(b)

2,924,818

2,925,964

Series

2019-H13,

Class

FT,

5.18%,

8/20/2069(b)

431,867

431,625

Series

2019-H18,

Class

DF,

4.58%,

10/20/2069(b)

458,260

454,202

Series

2021-H03,

Class

,

IO,

0.35%,

4/20/2070(b)

5,696,600

23,145

Series

2022-H09,

Class

GF,

4.21%,

4/20/2072(b)

2,577,376

2,554,927

Series

2022-H22,

Class

FE,

3.89%,

9/20/2072(b)

970,595

963,823

Total

Collateralized

Mortgage

Obligations

(cost

$37,173,963)

35,038,989

Commercial

Mortgage-Backed

Securities

8.1%

BANK

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

1,030,000

906,625

Series

2020-BN26,

Class

A4,

2.40%,

3/15/2063

2,050,000

1,771,930

Series

2022-BNK40,

Class

A4,

3.39%,

3/15/2064(b)

790,000

720,031

Series

2021-BN37,

Class

A5,

2.62%,

11/15/2064(b)

1,480,000

1,265,713

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

6.60%,

10/15/2037(a)(b)

1,095,000

1,068,934

Series

2021-C12,

Class

A5,

2.69%,

11/15/2054

1,470,000

1,263,013

Benchmark

Mortgage

Trust,

Series

2021-B31,

Class

A5,

2.67%,

12/15/2054

1,190,000

1,018,792

BPR

Trust

Series

2022-OANA,

Class

A,

6.38%,

4/15/2037(a)(b)

605,000

595,911

Series

2021-NRD,

Class

A,

6.01%,

12/15/2038(a)(b)

815,000

766,519

46

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

910,000

817,312

Commercial

Mortgage

Pass-

Through

Certificates,

Series

2012-LTRT,

Class

A2,

3.40%,

10/5/2030(a)

99,633

87,278

CSAIL

Commercial

Mortgage

Trust,

Series

2019-

C18,

Class

A4,

2.97%,

12/15/2052

765,000

676,423

CSMC

OA

LLC

Series

2014-USA,

Class

A1,

3.30%,

9/15/2037(a)

334,917

306,636

Series

2014-USA,

Class

A2,

3.95%,

9/15/2037(a)

1,030,000

940,039

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K107,

Class

X1,

IO,

1.59%,

1/25/2030(b)

483,149

42,351

Series

K142,

Class

X1,

IO,

0.30%,

3/25/2032(b)

5,768,207

133,088

Series

K147,

Class

X1,

IO,

0.36%,

6/25/2032(b)

3,872,856

115,148

Series

K149,

Class

X1,

IO,

0.26%,

8/25/2032(b)

6,256,675

147,701

Series

K-150,

Class

X1,

IO,

0.31%,

9/25/2032(b)

5,429,674

146,266

Series

K157,

Class

X1,

IO,

0.01%,

8/25/2033(b)

9,051,051

43,622

Series

K157,

Class

A3,

3.99%,

8/25/2033(b)

1,870,000

1,813,812

Series

K-1513,

Class

X1,

IO,

0.86%,

8/25/2034(b)

965,647

61,824

Series

K-1521,

Class

X1,

IO,

0.98%,

8/25/2036(b)

2,805,431

236,572

Series

K146,

Class

X1,

IO,

0.23%,

6/25/2054(b)

5,009,204

101,033

Series

K143,

Class

X1,

IO,

0.34%,

4/25/2055(b)

2,603,505

70,038

Series

K145,

Class

X1,

IO,

0.32%,

6/25/2055(b)

1,478,935

37,985

FNMA

ACES

REMICS

Series

2020-M33,

Class

X,

IO,

1.90%,

6/25/2028(b)

696,013

44,365

Series

2020-M37,

Class

X,

IO,

1.03%,

4/25/2032(b)

1,209,831

67,833

Series

2020-M43,

Class

X1,

IO,

2.07%,

8/25/2034(b)

5,517,556

587,206

Series

2020-M36,

Class

X1,

IO,

1.50%,

9/25/2034(b)

917,193

73,274

GNMA

REMICS

Series

2018-82,

Class

,

IO,

0.48%,

5/16/2058(b)

10,227,964

338,523

Series

2021-145,

Class

,

IO,

0.77%,

7/16/2061(b)

819,524

47,468

Series

2020-108,

Class

,

IO,

0.85%,

6/16/2062(b)

2,861,535

174,221

Series

2021-20,

Class

,

IO,

1.14%,

8/16/2062(b)

2,948,877

226,319

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2020-179,

Class

,

IO,

1.01%,

9/16/2062(b)

2,731,308

193,888

Series

2021-33,

Class

,

IO,

0.84%,

10/16/2062(b)

2,525,129

164,650

Series

2020-128,

Class

,

IO,

0.91%,

10/16/2062(b)

1,439,651

96,373

Series

2021-40,

Class

,

IO,

0.82%,

2/16/2063(b)

2,234,080

145,832

Series

2021-12,

Class

,

IO,

0.97%,

3/16/2063(b)

3,085,964

215,032

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

3,366,860

186,652

Series

2021-144,

Class

,

IO,

0.82%,

4/16/2063(b)

3,956,145

260,923

Series

2021-106,

Class

,

IO,

0.86%,

4/16/2063(b)

3,047,230

212,431

Series

2021-151,

Class

,

IO,

0.92%,

4/16/2063(b)

3,497,519

250,026

Series

2021-132,

Class

BI,

IO,

0.92%,

4/16/2063(b)

4,014,948

283,085

Series

2021-186,

Class

,

IO,

0.76%,

5/16/2063(b)

4,123,133

255,361

Series

2021-10,

Class

,

IO,

0.98%,

5/16/2063(b)

690,879

51,252

Series

2021-133,

Class

,

IO,

0.88%,

7/16/2063(b)

3,844,008

265,292

Series

2021-163,

Class

,

IO,

0.80%,

3/16/2064(b)

3,686,069

239,013

Series

2022-17,

Class

,

IO,

0.80%,

6/16/2064(b)

2,085,725

141,767

Series

2022-132,

Class

,

IO,

0.54%,

10/16/2064(b)

3,500,455

180,344

GS

Mortgage

Securities

Corp.

II,

Series

2012-

BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,035,000

792,768

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(b)

235,000

215,680

GS

Mortgage

Securities

Trust

Series

2014-GC18,

Class

A4,

4.07%,

1/10/2047

4,139,865

4,059,530

Series

2020-GC45,

Class

A5,

2.91%,

2/13/2053

415,000

371,929

Hudsons

Bay

Simon

JV

Trust,

Series

2015-HB10,

Class

A10,

4.15%,

8/5/2034(a)

2,015,000

1,779,189

Med

Trust,

Series

2021-

MDLN,

Class

A,

5.41%,

11/15/2038(a)(b)

752,764

733,922

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C11,

Class

A4,

4.20%,

8/15/2046(b)

1,130,000

1,116,100

SPGN

Mortgage

Trust,

Series

2022-TFLM,

Class

A,

6.03%,

2/15/2039(a)(b)

1,495,000

1,430,068

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

5.93%,

11/15/2027(a)(b)

655,893

454,592

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2013-C6,

Class

A4,

3.24%,

4/10/2046

1,341,473

1,334,442

Wells

Fargo

Commercial

Mortgage

Trust

Series

2013-LC12,

Class

A4,

4.22%,

7/15/2046(b)

1,505,000

1,493,649

Series

2021-C61,

Class

A4,

2.66%,

11/15/2054

2,165,000

1,836,144

Series

2022-C62,

Class

A4,

4.00%,

4/15/2055(b)

1,405,000

1,322,909

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C19,

Class

A5,

4.10%,

3/15/2047

3,490,000

3,422,880

Total

Commercial

Mortgage-Backed

Securities

(cost

$44,197,252)

40,219,528

Corporate

Bonds

40.3%

Auto

Components

0.3%

Aptiv

plc

,

3.10%,

12/1/2051

510,000

330,626

Denso

Corp.

,

1.24%,

9/16/2026(a)

1,115,000

986,337

1,316,963

Automobiles

0.4%

Hyundai

Capital

America

,

2.10%,

9/15/2028(a)

1,085,000

919,444

Kia

Corp.

,

1.00%,

4/16/2024(a)

400,000

380,048

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

490,000

471,909

1,771,401

Banks

14.6%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.47%,

12/13/2029(a)(c)

1,000,000

844,377

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(c)

1,685,000

1,743,826

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

890,000

841,801

ASB

Bank

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.25%),

5.28%,

6/17/2032(a)(c)

925,000

892,148

Banco

Santander

SA

,

3.89%,

5/24/2024

1,400,000

1,379,300

Bank

of

Ireland

Group

plc

,

4.50%,

11/25/2023(a)

620,000

613,180

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Ireland

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(c)

510,000

514,005

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

9/30/2027(a)(c)

1,495,000

1,305,039

Bank

of

Montreal

,

Series

H,

4.70%,

9/14/2027

530,000

532,214

5.20%,

2/1/2028

2,410,000

2,457,686

Bank

of

New

Zealand

,

2.00%,

2/21/2025(a)

1,015,000

956,303

2.29%,

1/27/2027(a)

1,195,000

1,088,596

Bank

of

Nova

Scotia

(The)

,

4.85%,

2/1/2030

2,070,000

2,074,016

Banque

Federative

du

Credit

Mutuel

SA

,

2.38%,

11/21/2024(a)

985,000

937,359

Barclays

plc

,

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.93%,

5/7/2025(c)

545,000

534,041

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

7.44%,

11/2/2033(c)

1,080,000

1,216,845

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

5.12%,

1/13/2029(a)(c)

1,715,000

1,729,302

(SOFR

+

1.22%),

2.16%,

9/15/2029(a)(c)

1,065,000

903,232

CaixaBank

SA

,

(SOFR

+

2.70%),

6.21%,

1/18/2029(a)(c)

1,290,000

1,308,560

Canadian

Imperial

Bank

of

Commerce

,

3.95%,

8/4/2025

1,490,000

1,466,316

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(c)

395,000

374,073

(SOFR

+

2.84%),

3.11%,

4/8/2026(c)

535,000

513,032

Citizens

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

1,330,000

1,280,453

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(c)

1,395,000

1,288,267

5.30%,

7/12/2028(a)

1,690,000

1,725,391

Danske

Bank

A/S

,

3.88%,

9/12/2023(a)

1,125,000

1,114,151

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.98%,

9/10/2025(a)(c)

955,000

879,635

48

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Danske

Bank

A/S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.10%),

6.47%,

1/9/2026(a)(c)

1,085,000

1,101,621

DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.13%,

9/16/2026(a)(c)

1,115,000

994,725

(United

States

SOFR

Compounded

Index

+

1.95%),

5.90%,

10/9/2026(a)(c)

1,435,000

1,451,761

HSBC

Holdings

plc

,

(SOFR

+

4.25%),

8.11%,

11/3/2033(c)

645,000

739,925

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

945,000

983,249

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)

805,000

831,304

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.07%),

5.55%,

12/15/2025(c)

2,445,000

2,464,727

KeyBank

NA

,

5.85%,

11/15/2027

1,380,000

1,446,155

Lloyds

Banking

Group

plc

,

4.05%,

8/16/2023

905,000

900,037

National

Australia

Bank

Ltd.

,

4.94%,

1/12/2028

965,000

987,001

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(c)

1,580,000

1,551,789

National

Securities

Clearing

Corp.

,

5.10%,

11/21/2027(a)

1,170,000

1,196,514

Nordea

Bank

Abp

,

1.50%,

9/30/2026(a)

2,165,000

1,913,252

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.62%),

5.35%,

12/2/2028(c)

575,000

591,927

(United

States

SOFR

Compounded

Index

+

2.14%),

6.04%,

10/28/2033(c)(d)

540,000

583,624

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)

445,000

448,870

Royal

Bank

of

Canada

,

6.00%,

11/1/2027

1,555,000

1,642,634

4.90%,

1/12/2028

795,000

801,750

Santander

Holdings

USA,

Inc.

,

3.45%,

6/2/2025

1,475,000

1,411,215

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(c)

1,645,000

1,702,675

(SOFR

+

2.60%),

6.53%,

1/10/2029(c)

1,945,000

2,029,501

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Societe

Generale

SA

,

7.37%,

1/10/2053(a)

680,000

737,401

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.10%),

7.78%,

11/16/2025(a)(c)

705,000

735,511

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

2.61%,

1/12/2028(a)(c)

595,000

535,580

6.30%,

1/9/2029(a)

1,820,000

1,897,536

Sumitomo

Mitsui

Financial

Group,

Inc.

,

1.90%,

9/17/2028

1,560,000

1,333,621

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

0.85%,

3/25/2024(a)(d)

1,505,000

1,433,297

2.55%,

3/10/2025(a)

280,000

265,488

Swedbank

AB

,

5.34%,

9/20/2027(a)

495,000

500,903

Toronto-Dominion

Bank

(The)

,

5.16%,

1/10/2028

2,405,000

2,453,927

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

635,000

623,926

(SOFR

+

1.85%),

5.12%,

1/26/2034(c)

1,050,000

1,064,070

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(c)

1,090,000

988,857

Wells

Fargo

&

Co.

,

(SOFR

+

1.56%),

4.54%,

8/15/2026(c)

1,715,000

1,698,411

Westpac

Banking

Corp.

,

5.46%,

11/18/2027

330,000

343,882

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.68%),

5.41%,

8/10/2033(c)

1,345,000

1,337,862

72,237,676

Beverages

0.3%

Coca-Cola

Europacific

Partners

plc

,

0.80%,

5/3/2024(a)

1,790,000

1,697,915

Building

Products

0.2%

Fortune

Brands

Innovations,

Inc.

,

4.50%,

3/25/2052

1,130,000

912,191

Capital

Markets

4.5%

Ares

Capital

Corp.

,

4.25%,

3/1/2025

45,000

43,395

2.88%,

6/15/2028(d)

870,000

734,698

Ares

Finance

Co.

IV

LLC

,

3.65%,

2/1/2052(a)

905,000

606,183

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

880,000

766,612

Barings

BDC,

Inc.

,

3.30%,

11/23/2026

335,000

295,343

Blackstone

Holdings

Finance

Co.

LLC

,

5.90%,

11/3/2027(a)

460,000

478,881

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026

1,960,000

1,678,478

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

940,000

764,046

Blue

Owl

Finance

LLC

,

4.38%,

2/15/2032(a)

580,000

484,412

Credit

Suisse

AG

,

5.00%,

7/9/2027(d)

1,275,000

1,209,386

Credit

Suisse

Group

AG

,

(SOFR

+

3.70%),

6.44%,

8/11/2028(a)(c)

1,900,000

1,837,587

Deutsche

Bank

AG

,

(SOFR

+

3.19%),

6.12%,

7/14/2026(c)

455,000

460,009

5.37%,

9/9/2027

335,000

343,352

(SOFR

+

3.18%),

6.72%,

1/18/2029(c)

1,010,000

1,062,756

FS

KKR

Capital

Corp.

,

3.13%,

10/12/2028

705,000

603,854

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

770,000

689,250

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

1,100,000

964,676

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

1,215,000

1,072,891

JAB

Holdings

BV

,

4.50%,

4/8/2052(a)

685,000

510,356

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

4,000,000

14,000

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

1,205,000

1,061,447

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

660,000

631,902

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

1,380,000

1,240,253

Northern

Trust

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.13%),

3.38%,

5/8/2032(c)

1,175,000

1,088,243

Owl

Rock

Capital

Corp.

,

3.75%,

7/22/2025

210,000

196,949

4.25%,

1/15/2026

490,000

461,551

OWL

Rock

Core

Income

Corp.

,

5.50%,

3/21/2025

355,000

346,593

7.75%,

9/16/2027(a)

210,000

211,588

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Owl

Rock

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

1,525,000

1,400,861

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.05%),

4.70%,

8/5/2027(a)(c)

980,000

967,284

22,226,836

Chemicals

0.2%

Cabot

Corp.

,

4.00%,

7/1/2029

415,000

383,929

5.00%,

6/30/2032

465,000

453,297

837,226

Consumer

Finance

2.8%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

855,000

833,440

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

705,000

683,016

7.10%,

11/15/2027

1,090,000

1,150,342

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

575,000

549,421

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

1.34%,

12/6/2024(c)

65,000

62,797

(SOFR

+

2.08%),

1.00%,

2/1/2029(c)

1,145,000

1,152,288

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

415,000

314,690

(SOFR

+

1.27%),

2.62%,

11/2/2032(c)

270,000

214,523

Caterpillar

Financial

Services

Corp.

,

4.80%,

1/6/2026

1,365,000

1,383,233

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

1,390,000

1,416,122

6.00%,

1/9/2028

725,000

746,140

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

535,000

507,517

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

410,000

378,818

John

Deere

Capital

Corp.

,

4.75%,

1/20/2028

1,925,000

1,965,777

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

780,000

740,212

Synchrony

Financial

,

4.88%,

6/13/2025

835,000

818,849

Toyota

Motor

Credit

Corp.

,

4.63%,

1/12/2028

760,000

767,725

13,684,910

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

545,000

533,536

50

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Distributors

0.1%

Ferguson

Finance

plc

,

4.65%,

4/20/2032(a)

735,000

697,783

Diversified

Financial

Services

1.0%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

1,220,000

1,027,028

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

815,000

779,242

Equitable

Holdings,

Inc.

,

5.59%,

1/11/2033

905,000

926,583

Jackson

Financial,

Inc.

,

4.00%,

11/23/2051

455,000

315,002

ORIX

Corp.

,

3.25%,

12/4/2024

635,000

616,310

Pine

Street

Trust

II

,

5.57%,

2/15/2049(a)

275,000

255,887

Synchrony

Bank

,

5.40%,

8/22/2025

890,000

886,421

4,806,473

Electric

Utilities

1.8%

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

290,000

198,383

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

810,000

772,845

American

Electric

Power

Co.,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

3.88%,

2/15/2062(c)

765,000

656,094

Commonwealth

Edison

Co.

,

5.30%,

2/1/2053

755,000

804,498

Edison

International

,

4.70%,

8/15/2025

1,790,000

1,763,510

Entergy

Corp.

,

0.90%,

9/15/2025

1,100,000

988,396

Interstate

Power

and

Light

Co.

,

3.10%,

11/30/2051

675,000

475,231

New

England

Power

Co.

,

2.81%,

10/6/2050(a)

1,000,000

663,970

NextEra

Energy

Capital

Holdings,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

3/15/2082(c)

615,000

537,269

Pacific

Gas

and

Electric

Co.

,

4.95%,

6/8/2025

905,000

895,884

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

1,165,000

1,142,593

8,898,673

Electronic

Equipment,

Instruments

&

Components

0.5%

Avnet,

Inc.

,

5.50%,

6/1/2032

535,000

527,269

CDW

LLC

,

3.28%,

12/1/2028

1,425,000

1,252,340

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electronic

Equipment,

Instruments

&

Components

Flex

Ltd.

,

6.00%,

1/15/2028

585,000

607,640

2,387,249

Entertainment

0.1%

Warnermedia

Holdings,

Inc.

,

5.14%,

3/15/2052(a)

730,000

606,309

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Digital

Realty

Trust

LP

,

5.55%,

1/15/2028

600,000

613,086

Hudson

Pacific

Properties

LP

,

5.95%,

2/15/2028

1,210,000

1,169,834

Office

Properties

Income

Trust

,

4.50%,

2/1/2025

405,000

376,794

2.40%,

2/1/2027

300,000

230,623

3.45%,

10/15/2031

580,000

406,876

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

405,000

395,931

Piedmont

Operating

Partnership

LP

,

3.15%,

8/15/2030

370,000

290,778

3,483,922

Food

Products

0.3%

JBS

USA

LUX

SA

,

6.50%,

12/1/2052(a)

1,250,000

1,276,863

Viterra

Finance

BV

,

2.00%,

4/21/2026(a)

300,000

264,381

1,541,244

Gas

Utilities

0.1%

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

780,000

517,179

Health

Care

Equipment

&

Supplies

0.2%

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(a)

1,150,000

1,159,828

Health

Care

Providers

&

Services

0.1%

McKesson

Corp.

,

1.30%,

8/15/2026(d)

480,000

428,288

Hotels,

Restaurants

&

Leisure

0.1%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

319,000

324,113

Household

Durables

0.1%

MDC

Holdings,

Inc.

,

3.97%,

8/6/2061

950,000

573,255

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

795,000

757,720

Insurance

4.4%

Arthur

J

Gallagher

&

Co.

,

3.05%,

3/9/2052

1,010,000

690,651

Assurant,

Inc.

,

4.20%,

9/27/2023

425,000

421,857

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Athene

Global

Funding

,

2.50%,

3/24/2028(a)

780,000

678,829

Athene

Holding

Ltd.

,

6.65%,

2/1/2033

750,000

792,420

Brighthouse

Financial

Global

Funding

,

1.20%,

12/15/2023(a)

960,000

925,516

1.75%,

1/13/2025(a)

955,000

886,973

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

1,520,000

1,324,911

Corebridge

Global

Funding

,

0.90%,

9/22/2025(a)

1,010,000

912,171

Equitable

Financial

Life

Global

Funding

,

5.50%,

12/2/2025(a)

955,000

963,668

1.80%,

3/8/2028(a)

380,000

326,835

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028(a)

610,000

625,194

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

880,000

865,260

2.00%,

9/20/2028(a)

1,020,000

866,230

GA

Global

Funding

Trust

,

1.25%,

12/8/2023(a)

465,000

448,890

2.25%,

1/6/2027(a)

1,515,000

1,361,667

Great-West

Lifeco

US

Finance

2020

LP

,

0.90%,

8/12/2025(a)

1,225,000

1,100,123

Hill

City

Funding

Trust

,

4.05%,

8/15/2041(a)

670,000

496,521

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

1,470,000

1,375,101

3.88%,

6/11/2025(a)

195,000

188,505

New

York

Life

Global

Funding

,

4.85%,

1/9/2028(a)

1,260,000

1,282,959

Protective

Life

Global

Funding

,

1.65%,

1/13/2025(a)

1,060,000

990,428

4.71%,

7/6/2027(a)

1,240,000

1,229,264

Reliance

Standard

Life

Global

Funding

II

,

3.85%,

9/19/2023(a)

225,000

223,272

2.75%,

5/7/2025(a)

1,270,000

1,202,134

RGA

Global

Funding

,

2.70%,

1/18/2029(a)

1,160,000

1,016,932

Trustage

Financial

Group,

Inc.

,

4.63%,

4/15/2032(a)

560,000

504,184

21,700,495

Internet

&

Direct

Marketing

Retail

0.1%

Prosus

NV

,

4.99%,

1/19/2052(a)

665,000

513,026

IT

Services

1.0%

DXC

Technology

Co.

,

2.38%,

9/15/2028

1,545,000

1,330,782

Fidelity

National

Information

Services,

Inc.

,

5.63%,

7/15/2052

650,000

654,494

Global

Payments,

Inc.

,

1.50%,

11/15/2024

860,000

806,144

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

International

Business

Machines

Corp.

,

4.50%,

2/6/2028

1,240,000

1,243,008

Western

Union

Co.

(The)

,

4.25%,

6/9/2023

645,000

644,319

1.35%,

3/15/2026(d)

235,000

209,080

4,887,827

Leisure

Products

0.1%

Brunswick

Corp.

,

4.40%,

9/15/2032

650,000

562,104

Machinery

0.5%

CNH

Industrial

Capital

LLC

,

1.95%,

7/2/2023

560,000

552,568

3.95%,

5/23/2025

1,540,000

1,507,209

Kennametal,

Inc.

,

4.63%,

6/15/2028

380,000

367,309

2,427,086

Metals

&

Mining

0.3%

ArcelorMittal

SA

,

6.55%,

11/29/2027

1,410,000

1,472,840

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

290,000

286,584

1,759,424

Multiline

Retail

0.2%

Target

Corp.

,

4.80%,

1/15/2053(d)

1,230,000

1,242,744

Multi-Utilities

0.5%

Ameren

Corp.

,

1.75%,

3/15/2028

770,000

671,642

Puget

Energy,

Inc.

,

4.22%,

3/15/2032

470,000

429,307

Sempra

Energy

,

3.70%,

4/1/2029

495,000

466,944

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.87%),

4.12%,

4/1/2052(c)

970,000

849,082

2,416,975

Oil,

Gas

&

Consumable

Fuels

0.8%

Kinder

Morgan,

Inc.

,

5.20%,

6/1/2033

1,030,000

1,026,378

MPLX

LP

,

4.95%,

3/14/2052

435,000

385,536

ONEOK,

Inc.

,

7.15%,

1/15/2051

470,000

522,288

Targa

Resources

Corp.

,

6.50%,

2/15/2053

1,205,000

1,255,994

Williams

Cos.,

Inc.

(The)

,

5.30%,

8/15/2052

625,000

603,907

3,794,103

Pharmaceuticals

0.1%

Bayer

US

Finance

II

LLC

,

3.38%,

7/15/2024(a)

605,000

590,276

52

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

0.6%

DAE

Funding

LLC

,

1.55%,

8/1/2024(a)

525,000

495,788

Penske

Truck

Leasing

Co.

LP

,

4.13%,

8/1/2023(a)

1,315,000

1,307,932

4.00%,

7/15/2025(a)

400,000

386,633

Ryder

System,

Inc.

,

4.63%,

6/1/2025

745,000

738,372

2,928,725

Semiconductors

&

Semiconductor

Equipment

0.9%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

730,000

684,432

Marvell

Technology,

Inc.

,

4.20%,

6/22/2023

940,000

935,677

Microchip

Technology,

Inc.

,

2.67%,

9/1/2023

860,000

847,750

0.97%,

2/15/2024

240,000

229,753

Micron

Technology,

Inc.

,

6.75%,

11/1/2029

1,215,000

1,295,915

Qorvo,

Inc.

,

1.75%,

12/15/2024(a)

320,000

299,418

4,292,945

Software

0.2%

Infor,

Inc.

,

1.45%,

7/15/2023(a)

585,000

572,535

Open

Text

Corp.

,

6.90%,

12/1/2027(a)

515,000

527,231

1,099,766

Specialty

Retail

0.4%

AutoNation,

Inc.

,

3.50%,

11/15/2024

800,000

772,726

4.50%,

10/1/2025

675,000

664,039

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

710,000

499,785

1,936,550

Technology

Hardware,

Storage

&

Peripherals

0.5%

Dell

International

LLC

,

5.25%,

2/1/2028

1,315,000

1,325,976

NetApp,

Inc.

,

1.88%,

6/22/2025(d)

535,000

497,723

Seagate

HDD

Cayman

,

4.88%,

3/1/2024(d)

685,000

677,900

Western

Digital

Corp.

,

3.10%,

2/1/2032

130,000

99,578

2,601,177

Thrifts

&

Mortgage

Finance

0.4%

Nationwide

Building

Society

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

4.36%,

8/1/2024(a)

(c)

1,310,000

1,298,206

4.85%,

7/27/2027(a)

955,000

953,422

2,251,628

Trading

Companies

&

Distributors

0.6%

Air

Lease

Corp.

,

1.88%,

8/15/2026

605,000

539,166

5.85%,

12/15/2027

605,000

617,459

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)

885,000

771,539

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

Aviation

Capital

Group

LLC

,

3.88%,

5/1/2023(a)

835,000

829,981

2,758,145

Wireless

Telecommunication

Services

0.1%

SK

Telecom

Co.

Ltd.

,

3.75%,

4/16/2023(a)

560,000

558,650

Total

Corporate

Bonds

(cost

$213,222,031)

199,722,336

Foreign

Government

Security

0.2%

MEXICO

0.2%

United

Mexican

States,

4.88%,

5/19/2033

945,000

907,225

Total

Foreign

Government

Security

(cost

$927,834)

907,225

Mortgage-Backed

Securities

16.8%

FHLMC

UMBS

Pool

Pool#

SD1345

2.50%,

10/1/2051

1,944,880

1,705,847

Pool#

SD8200

2.50%,

3/1/2052

2,159,997

1,892,992

Pool#

SD8205

2.50%,

4/1/2052

3,394,300

2,974,447

Pool#

QE0764

3.00%,

4/1/2052

5,425,152

4,930,864

Pool#

SD2088

3.50%,

6/1/2052

10,535,816

9,882,008

FNMA

Pool

Pool#

BS6952

5.34%,

10/1/2032

1,168,729

1,265,036

Pool#

AN8477

3.40%,

2/1/2033

2,000,000

1,903,118

Pool#

AN9700

3.67%,

7/1/2033

5,000,000

4,892,671

Pool#

BS2927

1.82%,

9/1/2033

2,155,000

1,739,814

FNMA

UMBS

Pool

Pool#

MA3209

3.00%,

12/1/2047

1,399,237

1,291,299

Pool#

MA3275

3.00%,

2/1/2048

1,270,970

1,171,741

Pool#

MA4562

2.00%,

3/1/2052

2,189,297

1,841,561

Pool#

MA4653

3.00%,

7/1/2052

5,407,326

4,913,004

Pool#

FS3497

3.50%,

8/1/2052

5,274,026

4,950,015

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.00%,

2/25/2053

1,250,000

1,135,352

4.00%,

2/25/2053

20,678,000

19,967,194

4.50%,

2/25/2053

1,300,000

1,283,750

5.50%,

2/25/2053

4,000,000

4,064,687

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

369270

6.50%,

12/15/2023

374

388

Pool#

354696

6.50%,

12/15/2023

218

225

Pool#

368677

7.50%,

1/15/2024

832

832

Pool#

359986

7.50%,

1/15/2024

126

126

Pool#

362734

7.50%,

1/15/2024

45

45

Pool#

371909

6.50%,

2/15/2024

667

691

Pool#

442138

8.00%,

11/15/2026

9,332

9,501

Pool#

399109

7.50%,

2/15/2027

4,411

4,438

Pool#

445661

7.50%,

7/15/2027

1,902

1,902

Pool#

443887

7.50%,

8/15/2027

3,248

3,247

Pool#

455381

7.50%,

8/15/2027

2,041

2,068

Pool#

450591

7.50%,

8/15/2027

333

334

Pool#

453295

7.50%,

8/15/2027

166

166

Pool#

446699

6.00%,

8/15/2028

4,878

5,009

Pool#

482748

6.00%,

9/15/2028

22,937

23,554

Pool#

460906

6.00%,

9/15/2028

845

868

Pool#

476969

6.50%,

1/15/2029

11,988

12,425

Pool#

781029

6.50%,

5/15/2029

39,006

40,427

GNMA

II

Pool

Pool#

MA8192

4.00%,

8/20/2052

2,295,523

2,174,333

Pool#

MA8260

4.00%,

9/20/2052

991,135

937,582

Pool#

MA8261

4.50%,

9/20/2052

737,360

722,012

Pool#

MA8418

4.50%,

11/20/2052

497,987

487,314

GNMA

TBA

5.50%,

2/15/2053

7,000,000

7,113,203

Total

Mortgage-Backed

Securities

(cost

$82,965,138)

83,346,090

U.S.

Treasury

Obligations

15.9%

U.S.

Treasury

Bonds

3.38%,

8/15/2042

2,360,000

2,231,306

2.25%,

8/15/2049

11,385,000

8,625,917

1.63%,

11/15/2050

1,485,000

960,493

1.88%,

2/15/2051

1,520,000

1,047,197

2.25%,

2/15/2052

9,935,000

7,464,445

2.88%,

5/15/2052

785,000

676,449

3.00%,

8/15/2052

(d)

8,520,000

7,538,869

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.88%,

12/31/2027

23,970,000

24,241,535

2.75%,

8/15/2032

2,585,000

2,432,323

4.13%,

11/15/2032

22,595,000

23,770,646

Total

U.S.

Treasury

Obligations

(cost

$83,322,479)

78,989,180

Short-Term

Investment

8.6%

U.S.

Treasury

Obligation

8.6%

U.S.

Treasury

Bills,

2.99%,

5/18/2023

42,995,000

42,423,417

Total

Short-Term

Investment

(cost

$42,624,879)

42,423,417

Repurchase

Agreement

0.5%

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$2,443,941,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$2,492,819.

(f)

2,443,650

2,443,650

Total

Repurchase

Agreement

(cost

$2,443,650)

2,443,650

Total

Investments

(cost

$555,255,750)

—

106.9%

529,966,502

Liabilities

in

excess

of

other

assets

—

(6.9)%

(34,131,976)

NET

ASSETS

—

100.0%

$

495,834,526

54

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$127,591,921

which

represents

25.73%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$10,039,792,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,443,650

and

by

$7,863,457

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

2/28/2023

–

11/15/2052,

a

total

value

of

$10,307,107.

(e)

Security

in

default.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$2,443,650.

ACES

Alternative

Credit

Enhancement

Services

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

35

3/2023

USD

3,823,476

40,019

U.S.

Treasury

10

Year

Note

14

3/2023

USD

1,603,219

21,654

U.S.

Treasury

10

Year

Ultra

Note

31

3/2023

USD

3,757,297

66,209

U.S.

Treasury

Long

Bond

142

3/2023

USD

18,442,250

493,894

U.S.

Treasury

Ultra

Bond

139

3/2023

USD

19,703,250

586,919

Net

contracts

1,208,695

As

of

January

31,

2023,

the

Fund

had

$1,657,950

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

56

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

46,876,087

$

–

$

46,876,087

Collateralized

Mortgage

Obligations

–

35,038,989

–

35,038,989

Commercial

Mortgage-Backed

Securities

–

40,219,528

–

40,219,528

Corporate

Bonds

–

199,722,336

–

199,722,336

Foreign

Government

Security

–

907,225

–

907,225

Futures

Contracts

1,208,695

–

–

1,208,695

Mortgage-Backed

Securities

–

83,346,090

–

83,346,090

Repurchase

Agreement

–

2,443,650

–

2,443,650

Short-Term

Investment

–

42,423,417

–

42,423,417

U.S.

Treasury

Obligations

–

78,989,180

–

78,989,180

Total

$

1,208,695

$

529,966,502

$

–

$

531,175,197

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,208,695

Total

$

1,208,695

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99

.1

%

Shares

Value

($)

Air

Freight

&

Logistics

0

.2

%

Hub

Group,

Inc.,

Class

A*

2,300

196,121

Airlines

0

.2

%

Copa

Holdings

SA,

Class

A*(a)

2,400

220,992

Auto

Components

0

.8

%

American

Axle

&

Manufacturing

Holdings,

Inc.*

27,100

240,377

Dana,

Inc.

6,200

112,468

Garrett

Motion,

Inc.*

30,800

246,400

Superior

Industries

International,

Inc.*

28,289

159,833

759,078

Banks

17

.5

%

Ameris

Bancorp

4,027

189,913

Associated

Banc-Corp.

31,000

694,710

Bancorp,

Inc.

(The)*

11,018

373,841

Banner

Corp.(a)

9,900

641,817

Capital

City

Bank

Group,

Inc.

6,000

194,820

Carter

Bankshares,

Inc.*

31,700

526,854

Central

Pacific

Financial

Corp.

10,900

246,340

Civista

Bancshares,

Inc.

26,066

565,632

CNB

Financial

Corp.

14,100

340,092

Colony

Bankcorp,

Inc.

19,000

244,910

Enterprise

Bancorp,

Inc.

2,800

99,512

Enterprise

Financial

Services

Corp.

7,483

398,993

Financial

Institutions,

Inc.

25,000

617,750

First

Bancorp

11,189

445,882

First

Busey

Corp.

31,841

760,045

First

Financial

Bancorp

10,063

254,896

First

Financial

Corp.

13,100

588,452

First

Horizon

Corp.

2,000

49,460

First

Internet

Bancorp

2,800

73,612

First

Interstate

BancSystem,

Inc.,

Class

A

5,554

199,277

Hancock

Whitney

Corp.

6,600

339,768

Hanmi

Financial

Corp.

35,623

829,660

Heartland

Financial

USA,

Inc.

10,925

540,460

Heritage

Financial

Corp.

24,664

703,664

HomeTrust

Bancshares,

Inc.

22,976

620,352

Independent

Bank

Corp.

25,600

567,552

Macatawa

Bank

Corp.

2,100

23,142

Mercantile

Bank

Corp.

12,400

425,692

NBT

Bancorp,

Inc.

1,100

43,241

Northrim

Bancorp,

Inc.

8,398

449,545

OFG

Bancorp

17,500

495,425

Old

Second

Bancorp,

Inc.

36,700

623,533

Orrstown

Financial

Services,

Inc.

9,595

237,476

Popular,

Inc.

10,000

686,400

SmartFinancial,

Inc.

22,126

596,738

South

Plains

Financial,

Inc.

16,127

453,169

Towne

Bank

9,730

296,473

UMB

Financial

Corp.

9,616

867,267

Wintrust

Financial

Corp.

2,199

201,142

Zions

Bancorp

NA

8,410

447,076

16,954,583

Common

Stocks

Shares

Value

($)

Biotechnology

4

.9

%

4D

Molecular

Therapeutics,

Inc.*

1,400

29,470

89bio,

Inc.*(a)

28,892

337,459

Akero

Therapeutics,

Inc.*

7,227

357,736

Alkermes

plc*

7,662

219,440

Allakos,

Inc.*

6,200

46,066

Annexon,

Inc.*(a)

9,450

67,473

Atara

Biotherapeutics,

Inc.*

24,800

125,736

Avrobio,

Inc.*(a)

25,792

23,471

Caribou

Biosciences,

Inc.*

14,216

102,497

Celldex

Therapeutics,

Inc.*

2,100

92,526

Chinook

Therapeutics,

Inc.*

2,192

55,392

Corvus

Pharmaceuticals,

Inc.*

12,000

9,840

Cullinan

Oncology,

Inc.*

5,800

67,512

Dynavax

Technologies

Corp.*

10,800

122,904

Dyne

Therapeutics,

Inc.*

4,512

65,875

Harpoon

Therapeutics,

Inc.*

122,800

132,624

Ideaya

Biosciences,

Inc.*

1,600

27,248

Immunovant,

Inc.*

12,200

216,794

Jounce

Therapeutics,

Inc.*

79,100

92,547

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

7,054

102,001

Krystal

Biotech,

Inc.*

1,200

99,744

Kura

Oncology,

Inc.*

3,500

48,370

Kymera

Therapeutics,

Inc.*

1,750

65,415

Nuvalent,

Inc.,

Class

A*(a)

8,982

271,705

Olema

Pharmaceuticals,

Inc.*

18,900

91,287

Oncternal

Therapeutics,

Inc.*

74,319

83,237

Ovid

therapeutics,

Inc.*

12,600

31,500

Passage

Bio,

Inc.*

156,900

229,074

Puma

Biotechnology,

Inc.*

53,500

230,050

REGENXBIO,

Inc.*

5,700

132,297

Replimune

Group,

Inc.*

4,600

128,110

Rocket

Pharmaceuticals,

Inc.*

4,600

99,958

Sutro

Biopharma,

Inc.*

20,300

146,972

Syndax

Pharmaceuticals,

Inc.*(a)

5,883

168,842

UNITY

Biotechnology,

Inc.*

17,700

81,774

Veracyte,

Inc.*(a)

6,800

170,884

Vir

Biotechnology,

Inc.*

7,183

212,258

Xencor,

Inc.*(a)

5,241

172,534

4,758,622

Building

Products

2

.8

%

American

Woodmark

Corp.*

3,634

208,192

Apogee

Enterprises,

Inc.

10,764

504,185

Griffon

Corp.

15,517

634,335

PGT

Innovations,

Inc.*

20,100

436,170

Quanex

Building

Products

Corp.

9,899

256,285

Resideo

Technologies,

Inc.*

17,800

342,294

UFP

Industries,

Inc.

3,836

358,858

2,740,319

Capital

Markets

1

.6

%

Ashford,

Inc.*

6,800

91,936

Avantax,

Inc.*

8,577

249,934

Focus

Financial

Partners,

Inc.,

Class

A*

9,171

414,070

Greenhill

&

Co.,

Inc.

5,300

73,246

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

Oppenheimer

Holdings,

Inc.,

Class

A

2,988

142,259

StoneX

Group,

Inc.*

6,500

571,220

1,542,665

Chemicals

0

.7

%

Ecovyst,

Inc.*

45,800

480,442

Livent

Corp.*(a)

8,500

220,320

700,762

Commercial

Services

&

Supplies

1

.7

%

ARC

Document

Solutions,

Inc.

30,700

107,143

Brady

Corp.,

Class

A

5,928

316,970

CECO

Environmental

Corp.*

9,600

138,144

Matthews

International

Corp.,

Class

A

20,600

763,024

SP

Plus

Corp.*

7,700

290,367

1,615,648

Communications

Equipment

0

.4

%

ADTRAN

Holdings,

Inc.

9,500

179,265

CommScope

Holding

Co.,

Inc.*

12,700

106,680

PCTEL,

Inc.

22,047

102,078

388,023

Construction

&

Engineering

1

.5

%

EMCOR

Group,

Inc.

2,800

415,100

MDU

Resources

Group,

Inc.

16,600

513,106

Northwest

Pipe

Co.*

6,600

246,840

Sterling

Infrastructure,

Inc.*

8,400

305,676

1,480,722

Consumer

Finance

0

.2

%

LendingClub

Corp.*

15,574

150,912

SoFi

Technologies,

Inc.*(a)

9,400

65,142

216,054

Containers

&

Packaging

2

.1

%

Berry

Global

Group,

Inc.

3,900

240,747

Graphic

Packaging

Holding

Co.

7,987

192,407

Greif,

Inc.,

Class

A

10,200

728,586

Myers

Industries,

Inc.

10,087

242,895

Pactiv

Evergreen,

Inc.

55,600

639,956

2,044,591

Diversified

Consumer

Services

1

.1

%

American

Public

Education,

Inc.*

20,232

245,010

Graham

Holdings

Co.,

Class

B

1,053

687,935

OneSpaWorld

Holdings

Ltd.*

13,500

141,885

1,074,830

Diversified

Financial

Services

0

.3

%

A-Mark

Precious

Metals,

Inc.

7,994

307,769

Diversified

Telecommunication

Services

0

.5

%

Radius

Global

Infrastructure,

Inc.*

36,200

487,614

Electric

Utilities

1

.0

%

IDACORP,

Inc.(a)

2,700

285,687

OGE

Energy

Corp.(a)

2,300

90,436

Common

Stocks

Shares

Value

($)

Electric

Utilities

Portland

General

Electric

Co.

13,100

623,298

999,421

Electrical

Equipment

1

.3

%

Atkore,

Inc.*

7,000

911,750

Encore

Wire

Corp.(a)

1,000

161,430

LSI

Industries,

Inc.

3,600

49,428

Preformed

Line

Products

Co.

1,400

123,662

1,246,270

Electronic

Equipment,

Instruments

&

Components

3

.0

%

Avnet,

Inc.

2,800

128,464

Bel

Fuse,

Inc.,

Class

B

8,953

353,106

Belden,

Inc.

7,300

591,957

Benchmark

Electronics,

Inc.

21,800

610,182

Climb

Global

Solutions,

Inc.

1,500

56,820

CTS

Corp.

1,200

53,412

Evolv

Technologies

Holdings,

Inc.*

18,800

57,528

Richardson

Electronics

Ltd.(a)

7,900

176,565

Sanmina

Corp.*(a)

4,200

255,906

ScanSource,

Inc.*

7,900

260,147

TTM

Technologies,

Inc.*(a)

11,300

177,636

Vishay

Precision

Group,

Inc.*

4,400

189,992

2,911,715

Energy

Equipment

&

Services

1

.5

%

Archrock,

Inc.

10,400

103,064

Diamond

Offshore

Drilling,

Inc.*

8,400

96,264

Energy

Services

of

America

Corp.

19,100

49,565

Helix

Energy

Solutions

Group,

Inc.*

30,100

238,693

Helmerich

&

Payne,

Inc.

5,900

285,796

Nabors

Industries

Ltd.*

1,300

230,802

NexTier

Oilfield

Solutions,

Inc.*

25,900

243,978

Patterson-UTI

Energy,

Inc.

5,400

90,720

Select

Energy

Services,

Inc.,

Class

A

15,800

138,724

1,477,606

Equity

Real

Estate

Investment

Trusts

(REITs)

9

.5

%

Apartment

Investment

and

Management

Co.,

Class

A

54,695

410,760

Apple

Hospitality

REIT,

Inc.

17,300

306,729

Braemar

Hotels

&

Resorts,

Inc.

63,700

337,610

Brixmor

Property

Group,

Inc.

16,500

388,245

BRT

Apartments

Corp.

17,487

366,353

CareTrust

REIT,

Inc.

10,000

207,200

Corporate

Office

Properties

Trust

8,900

249,823

Cousins

Properties,

Inc.

9,400

257,748

DiamondRock

Hospitality

Co.

71,700

690,471

Essential

Properties

Realty

Trust,

Inc.

6,300

160,524

Farmland

Partners,

Inc.

47,209

608,052

Getty

Realty

Corp.

4,526

164,882

Global

Self

Storage,

Inc.

51,602

263,686

Kite

Realty

Group

Trust

33,700

731,290

Modiv,

Inc.,

Class

C

7,300

92,928

National

Health

Investors,

Inc.

1,600

94,128

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

National

Retail

Properties,

Inc.

1,500

71,025

Omega

Healthcare

Investors,

Inc.

21,000

618,240

Outfront

Media,

Inc.

15,000

298,500

PotlatchDeltic

Corp.

5,400

264,330

Ryman

Hospitality

Properties,

Inc.

5,598

519,998

Sabra

Health

Care

REIT,

Inc.

4,000

54,000

Safehold,

Inc.

14,200

496,432

SITE

Centers

Corp.

50,200

685,230

STAG

Industrial,

Inc.

6,100

217,160

Terreno

Realty

Corp.

3,948

254,370

UMH

Properties,

Inc.

3,000

53,760

Uniti

Group,

Inc.

51,600

340,044

9,203,518

Food

&

Staples

Retailing

0

.6

%

Chefs'

Warehouse,

Inc.

(The)*(a)

7,300

279,079

SpartanNash

Co.

5,755

182,318

United

Natural

Foods,

Inc.*

1,900

79,078

540,475

Food

Products

1

.5

%

Ingredion,

Inc.

6,100

627,080

John

B

Sanfilippo

&

Son,

Inc.

6,741

569,682

Seneca

Foods

Corp.,

Class

A*

4,601

287,562

1,484,324

Gas

Utilities

1

.1

%

National

Fuel

Gas

Co.

6,300

365,778

ONE

Gas,

Inc.

3,000

247,080

South

Jersey

Industries,

Inc.

4,900

176,841

UGI

Corp.

6,100

242,963

1,032,662

Health

Care

Equipment

&

Supplies

1

.3

%

Haemonetics

Corp.*

1,835

155,241

Inmode

Ltd.*

6,649

233,047

Lantheus

Holdings,

Inc.*(a)

6,200

356,500

Merit

Medical

Systems,

Inc.*

6,200

442,370

Sensus

Healthcare,

Inc.*

3,700

33,818

1,220,976

Health

Care

Providers

&

Services

1

.3

%

Cross

Country

Healthcare,

Inc.*

11,640

323,010

Option

Care

Health,

Inc.*

13,461

388,619

Premier,

Inc.,

Class

A

6,784

226,314

Progyny,

Inc.*

5,400

185,706

US

Physical

Therapy,

Inc.(a)

1,100

109,065

1,232,714

Health

Care

Technology

1

.0

%

Health

Catalyst,

Inc.*

5,000

69,500

HealthStream,

Inc.*

9,694

234,401

NextGen

Healthcare,

Inc.*(a)

30,700

583,914

Phreesia,

Inc.*

1,900

71,231

959,046

Hotels,

Restaurants

&

Leisure

0

.6

%

Ark

Restaurants

Corp.

3,369

62,663

Bloomin'

Brands,

Inc.

3,900

94,575

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Bluegreen

Vacations

Holding

Corp.

7,813

253,454

Hilton

Grand

Vacations,

Inc.*

4,100

194,176

604,868

Household

Durables

2

.4

%

Ethan

Allen

Interiors,

Inc.

5,705

163,962

KB

Home

8,900

342,205

Meritage

Homes

Corp.*

2,895

311,763

Skyline

Champion

Corp.*

5,531

326,052

Taylor

Morrison

Home

Corp.,

Class

A*

13,980

500,484

Tri

Pointe

Homes,

Inc.*

30,133

665,638

2,310,104

Independent

Power

and

Renewable

Electricity

Producers

1

.4

%

Atlantica

Sustainable

Infrastructure

plc

12,300

337,266

Clearway

Energy,

Inc.,

Class

A

19,150

613,758

Clearway

Energy,

Inc.,

Class

C

6,600

223,014

Ormat

Technologies,

Inc.(a)

2,300

212,865

1,386,903

Insurance

3

.5

%

Assured

Guaranty

Ltd.

12,800

801,280

Axis

Capital

Holdings

Ltd.

4,400

275,308

CNO

Financial

Group,

Inc.

18,300

471,408

Employers

Holdings,

Inc.

11,900

522,053

Genworth

Financial,

Inc.,

Class

A*

31,600

174,432

Investors

Title

Co.

300

48,600

James

River

Group

Holdings

Ltd.

700

15,862

Reinsurance

Group

of

America,

Inc.

4,000

607,080

Stewart

Information

Services

Corp.

10,000

477,700

3,393,723

Interactive

Media

&

Services

0

.3

%

Ziff

Davis,

Inc.*

2,832

253,407

Internet

&

Direct

Marketing

Retail

0

.1

%

Overstock.com,

Inc.*

2,300

55,683

IT

Services

1

.7

%

Concentrix

Corp.

4,700

666,507

DecisionPoint

Systems,

Inc.*

11,700

106,587

Information

Services

Group,

Inc.

53,888

282,373

International

Money

Express,

Inc.*

6,200

141,112

Kyndryl

Holdings,

Inc.*

18,400

246,376

Paysafe

Ltd.*

9,400

197,776

1,640,731

Leisure

Products

0

.6

%

JAKKS

Pacific,

Inc.*

11,500

239,775

MasterCraft

Boat

Holdings,

Inc.*

4,600

132,296

4

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Leisure

Products

Topgolf

Callaway

Brands

Corp.*(a)

9,056

221,781

593,852

Machinery

1

.9

%

Hillenbrand,

Inc.

8,600

402,996

Luxfer

Holdings

plc

3,123

51,685

Mayville

Engineering

Co.,

Inc.*

15,709

251,344

Park-Ohio

Holdings

Corp.

11,485

152,176

Shyft

Group,

Inc.

(The)(a)

10,523

350,311

Terex

Corp.

3,245

165,398

Titan

International,

Inc.*

16,100

268,709

Wabash

National

Corp.(a)

9,200

236,992

1,879,611

Marine

0

.1

%

Eneti,

Inc.

14,058

148,874

Media

1

.0

%

Direct

Digital

Holdings,

Inc.,

Class

A*

21,600

124,200

Entravision

Communications

Corp.,

Class

A

44,400

288,600

Nexstar

Media

Group,

Inc.

1,000

204,770

PubMatic,

Inc.,

Class

A*

3,300

50,589

TEGNA,

Inc.

13,214

263,355

931,514

Metals

&

Mining

1

.4

%

Commercial

Metals

Co.

8,300

450,441

Olympic

Steel,

Inc.(a)

11,900

526,456

Ryerson

Holding

Corp.

7,800

297,726

SSR

Mining,

Inc.

2,900

49,126

1,323,749

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2

.0

%

Arbor

Realty

Trust,

Inc.

16,378

244,524

Granite

Point

Mortgage

Trust,

Inc.

54,136

361,628

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

12,300

453,993

MFA

Financial,

Inc.

41,300

491,057

Ready

Capital

Corp.

21,800

288,414

Starwood

Property

Trust,

Inc.

7,000

146,230

1,985,846

Multiline

Retail

0

.3

%

Macy's,

Inc.

11,700

276,471

Multi-Utilities

0

.4

%

Avista

Corp.(a)

5,300

211,470

NorthWestern

Corp.

3,400

193,120

404,590

Oil,

Gas

&

Consumable

Fuels

5

.2

%

Adams

Resources

&

Energy,

Inc.

1,950

93,600

Ardmore

Shipping

Corp.*

10,000

146,500

California

Resources

Corp.

7,436

317,740

Centrus

Energy

Corp.,

Class

A*

2,900

119,045

Chord

Energy

Corp.

1,400

200,662

Clean

Energy

Fuels

Corp.*

15,200

86,032

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Dorian

LPG

Ltd.

14,000

277,900

Enerplus

Corp.

6,188

109,837

Equitrans

Midstream

Corp.

24,100

174,725

Excelerate

Energy,

Inc.,

Class

A

4,500

104,850

Gevo,

Inc.*(a)

26,300

55,756

Golar

LNG

Ltd.*

8,500

199,240

International

Seaways,

Inc.

2,600

100,984

Murphy

Oil

Corp.

7,487

326,508

PDC

Energy,

Inc.(a)

9,095

616,005

Range

Resources

Corp.

7,600

190,152

Scorpio

Tankers,

Inc.

11,100

531,357

SM

Energy

Co.

15,400

506,198

Talos

Energy,

Inc.*

20,600

408,086

Teekay

Tankers

Ltd.,

Class

A*

3,400

104,346

World

Fuel

Services

Corp.

12,371

350,099

5,019,622

Personal

Products

0

.1

%

Lifevantage

Corp.

23,877

95,508

Pharmaceuticals

1

.9

%

Amphastar

Pharmaceuticals,

Inc.*

6,400

193,664

ANI

Pharmaceuticals,

Inc.*

1,200

53,676

Assertio

Holdings,

Inc.*(a)

75,585

310,654

Atea

Pharmaceuticals,

Inc.*

29,800

137,974

Athira

Pharma,

Inc.*

53,694

216,924

Clearside

Biomedical,

Inc.*

54,600

76,986

Collegium

Pharmaceutical,

Inc.*

9,600

269,568

Eton

Pharmaceuticals,

Inc.*

1,400

4,872

Harrow

Health,

Inc.*(a)

11,237

168,780

Lipocine,

Inc.*

82,957

43,337

Prestige

Consumer

Healthcare,

Inc.*

2,800

184,128

SIGA

Technologies,

Inc.(a)

18,500

135,605

Trevi

Therapeutics,

Inc.*

21,200

49,396

1,845,564

Professional

Services

0

.7

%

Barrett

Business

Services,

Inc.

2,900

288,202

BGSF,

Inc.

13,421

194,336

CRA

International,

Inc.

1,500

178,260

660,798

Real

Estate

Management

&

Development

0

.9

%

Howard

Hughes

Corp.

(The)*

4,100

350,509

Newmark

Group,

Inc.,

Class

A

35,938

307,989

Tricon

Residential,

Inc.

24,000

208,080

866,578

Road

&

Rail

0

.5

%

Ryder

System,

Inc.

2,900

273,789

Universal

Logistics

Holdings,

Inc.

7,000

251,440

525,229

Semiconductors

&

Semiconductor

Equipment

1

.7

%

Axcelis

Technologies,

Inc.*

2,200

241,890

Cohu,

Inc.*

5,600

202,048

MaxLinear,

Inc.*

7,100

292,520

NVE

Corp.(a)

2,483

180,936

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Power

Integrations,

Inc.

2,600

223,834

SMART

Global

Holdings,

Inc.*

14,300

245,817

Ultra

Clean

Holdings,

Inc.*

7,375

248,169

1,635,214

Software

2

.5

%

A10

Networks,

Inc.(a)

15,513

240,141

ACI

Worldwide,

Inc.*

2,700

75,411

American

Software,

Inc.,

Class

A

16,200

246,402

Asure

Software,

Inc.*

22,830

242,683

Dropbox,

Inc.,

Class

A*(a)

20,060

465,994

eGain

Corp.*

14,240

138,413

Issuer

Direct

Corp.*

3,497

96,902

LiveRamp

Holdings,

Inc.*

9,100

243,516

NCR

Corp.*

3,700

101,454

Sprout

Social,

Inc.,

Class

A*(a)

3,600

230,292

Sumo

Logic,

Inc.*

6,500

76,895

Teradata

Corp.*

5,600

195,328

Yext,

Inc.*

15,890

110,435

2,463,866

Specialty

Retail

2

.7

%

Abercrombie

&

Fitch

Co.,

Class

A*

2,500

72,400

Bath

&

Body

Works,

Inc.

2,300

105,823

Boot

Barn

Holdings,

Inc.*

2,600

217,074

Buckle,

Inc.

(The)

1,122

49,368

Build-A-Bear

Workshop,

Inc.*

10,200

250,512

Destination

XL

Group,

Inc.*

32,900

234,577

Group

1

Automotive,

Inc.(a)

2,900

620,165

Hibbett,

Inc.

4,400

291,984

J

Jill,

Inc.*

5,046

138,614

Signet

Jewelers

Ltd.

2,500

192,025

Sleep

Number

Corp.*

1,700

58,446

Tile

Shop

Holdings,

Inc.*

52,602

263,010

Winmark

Corp.

600

168,480

2,662,478

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

IonQ,

Inc.*(a)

12,600

55,944

Textiles,

Apparel

&

Luxury

Goods

0

.6

%

Crocs,

Inc.*

2,400

292,248

PVH

Corp.

1,600

143,840

Rocky

Brands,

Inc.

4,539

142,888

578,976

Thrifts

&

Mortgage

Finance

0

.8

%

Essent

Group

Ltd.

7,865

346,296

Home

Bancorp,

Inc.

3,200

122,880

MGIC

Investment

Corp.

16,700

235,804

Velocity

Financial,

Inc.*

9,388

94,725

799,705

Trading

Companies

&

Distributors

3

.9

%

Applied

Industrial

Technologies,

Inc.

1,900

272,099

BlueLinx

Holdings,

Inc.*(a)

3,000

260,460

Boise

Cascade

Co.

3,375

253,024

Hudson

Technologies,

Inc.*

30,332

309,690

Karat

Packaging,

Inc.

6,162

92,615

MRC

Global,

Inc.*

49,810

677,416

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

NOW,

Inc.*

14,077

197,641

Rush

Enterprises,

Inc.,

Class

A

3,500

188,335

Univar

Solutions,

Inc.*

17,694

610,089

WESCO

International,

Inc.*

6,435

958,879

3,820,248

Wireless

Telecommunication

Services

0

.2

%

Spok

Holdings,

Inc.

27,079

226,110

Total

Common

Stocks

(cost

$76,620,972)

96,242,886

Exchange

Traded

Fund

0

.4

%

Equity

Fund

0.4%

Vanguard

Small-Cap

Value

ETF(a)

1,978

342,609

Total

Exchange

Traded

Fund

(cost

$322,830)

342,609

Rights

0

.0

%

†

Number

of

Rights

Biotechnology

0

.0

%

†

Akouos,

Inc.,

CVR*∞(a)

21,302

0

Total

Rights

(cost

$16,828)

0

Repurchase

Agreement

1

.2

%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$1,181,901,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,205,538.(b)

1,181,760

1,181,760

Total

Repurchase

Agreement

(cost

$1,181,760)

1,181,760

Total

Investments

(cost

$78,142,390)

—

100.7%

97,767,255

Liabilities

in

excess

of

other

assets

—

(0.7)%

(

685,499

)

NET

ASSETS

—

100.0%

$

97,081,756

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

6

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$7,835,883,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,181,760

and

by

$6,797,764

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$7,979,524.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$1,181,760.

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

8

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

96,242,886

$

–

$

–

$

96,242,886

Exchange

Traded

Fund

342,609

–

–

342,609

Repurchase

Agreement

–

1,181,760

–

1,181,760

Rights

–

–

–

–

Total

$

96,585,495

$

1,181,760

$

–

$

97,767,255

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

Technology

&

Science

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

99.6%

Shares

Value

($)

Biotechnology

1.2%

Vertex

Pharmaceuticals,

Inc.*

4,300

1,389,330

Electronic

Equipment,

Instruments

&

Components

5.1%

Insight

Enterprises,

Inc.*(a)

35,308

3,979,918

TE

Connectivity

Ltd.

14,690

1,867,833

5,847,751

Entertainment

0.5%

Sea

Ltd.,

ADR-SG*

8,665

558,459

Health

Care

Equipment

&

Supplies

1.8%

Hologic,

Inc.*

15,050

1,224,619

Intuitive

Surgical,

Inc.*

3,680

904,139

2,128,758

Household

Durables

2.9%

Sony

Group

Corp.,

ADR-JP

37,150

3,323,439

Interactive

Media

&

Services

9.5%

Alphabet,

Inc.,

Class

A*

64,860

6,410,763

Meta

Platforms,

Inc.,

Class

A*

29,765

4,434,092

10,844,855

Internet

&

Direct

Marketing

Retail

3.3%

Amazon.com,

Inc.*

36,740

3,788,996

IT

Services

5.5%

Fiserv,

Inc.*

13,100

1,397,508

Snowflake,

Inc.,

Class

A*

5,715

894,055

Visa,

Inc.,

Class

A(a)

17,535

4,036,732

6,328,295

Life

Sciences

Tools

&

Services

1.6%

Danaher

Corp.

6,780

1,792,496

Pharmaceuticals

1.3%

Intra-Cellular

Therapies,

Inc.*

30,080

1,441,434

Professional

Services

1.8%

Booz

Allen

Hamilton

Holding

Corp.

22,083

2,089,935

Road

&

Rail

1.6%

Uber

Technologies,

Inc.*

58,760

1,817,447

Semiconductors

&

Semiconductor

Equipment

24.7%

Advanced

Micro

Devices,

Inc.*

10,230

768,784

KLA

Corp.(a)

12,760

5,008,045

Lam

Research

Corp.

7,200

3,600,720

NVIDIA

Corp.

31,705

6,194,206

NXP

Semiconductors

NV

21,675

3,994,919

QUALCOMM,

Inc.

40,595

5,407,660

Texas

Instruments,

Inc.

18,760

3,324,460

28,298,794

Software

32.3%

Adobe,

Inc.*

12,694

4,701,096

Box,

Inc.,

Class

A*(a)

67,100

2,146,529

Cadence

Design

Systems,

Inc.*

18,390

3,362,244

Crowdstrike

Holdings,

Inc.,

Class

A*

13,680

1,448,712

Datadog,

Inc.,

Class

A*

18,640

1,394,458

HubSpot,

Inc.*

4,350

1,509,493

Intuit,

Inc.

7,325

3,096,058

Microsoft

Corp.

46,060

11,414,129

Palo

Alto

Networks,

Inc.*(a)

9,020

1,430,933

Common

Stocks

Shares

Value

($)

Software

Paycom

Software,

Inc.*

5,760

1,865,894

RingCentral,

Inc.,

Class

A*

13,605

531,003

ServiceNow,

Inc.*

5,820

2,648,857

Sprout

Social,

Inc.,

Class

A*(a)

14,850

949,954

Varonis

Systems,

Inc.*

21,140

546,258

37,045,618

Technology

Hardware,

Storage

&

Peripherals

6.5%

Apple,

Inc.

39,488

5,697,724

Pure

Storage,

Inc.,

Class

A*(a)

61,525

1,780,533

7,478,257

Total

Investments

(cost

$46,665,646)

—

99.6%

114,173,864

Other

assets

in

excess

of

liabilities

—

0.4%

424,074

NET

ASSETS

—

100.0%

$

114,597,938

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$10,314,691,

which

was

collateralized

by

$10,429,611

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/23/2023

–

5/15/2052.

ADR

American

Depositary

Receipt

JP

Japan

SG

Singapore

10

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Bailard

Technology

&

Science

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

114,173,864

$

–

$

–

$

114,173,864

Total

$

114,173,864

$

–

$

–

$

114,173,864

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

87.1%

Shares

Value

($)

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)*

16,438

3,501,294

General

Dynamics

Corp.

6,644

1,548,451

Howmet

Aerospace,

Inc.

11,496

467,772

Huntington

Ingalls

Industries,

Inc.

1,031

227,377

L3Harris

Technologies,

Inc.

5,672

1,218,459

Lockheed

Martin

Corp.

6,804

3,152,021

Northrop

Grumman

Corp.

4,191

1,877,736

Raytheon

Technologies

Corp.

42,749

4,268,488

Textron,

Inc.

5,857

426,682

TransDigm

Group,

Inc.

1,515

1,087,391

17,775,671

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

(a)

3,431

343,683

Expeditors

International

of

Washington,

Inc.

4,656

503,546

FedEx

Corp.

7,081

1,372,723

United

Parcel

Service,

Inc.,

Class

B

21,287

3,942,991

6,162,943

Airlines

0.2%

Alaska

Air

Group,

Inc.*

4,033

207,054

American

Airlines

Group,

Inc.*(a)

19,487

314,520

Delta

Air

Lines,

Inc.*

18,193

711,347

Southwest

Airlines

Co.

16,509

590,527

United

Airlines

Holdings,

Inc.*(a)

9,893

484,361

2,307,809

Auto

Components

0.1%

Aptiv

plc*

8,197

926,999

BorgWarner,

Inc.

6,403

302,734

1,229,733

Automobiles

1.5%

Ford

Motor

Co.

117,125

1,582,359

General

Motors

Co.

41,023

1,613,024

Tesla,

Inc.*

78,436

13,586,684

16,782,067

Banks

3.4%

Bank

of

America

Corp.

203,584

7,223,160

Citigroup,

Inc.

56,520

2,951,474

Citizens

Financial

Group,

Inc.

14,388

623,288

Comerica,

Inc.

3,512

257,465

Fifth

Third

Bancorp

20,162

731,679

First

Republic

Bank

5,121

721,447

Huntington

Bancshares,

Inc.

42,642

646,879

JPMorgan

Chase

&

Co.

85,724

11,997,931

KeyCorp

27,305

523,983

M&T

Bank

Corp.

4,897

763,932

PNC

Financial

Services

Group,

Inc.

(The)

12,078

1,998,064

Regions

Financial

Corp.

27,884

656,389

Signature

Bank

1,866

240,621

SVB

Financial

Group*(a)

1,798

543,787

Truist

Financial

Corp.

38,376

1,895,391

US

Bancorp

39,044

1,944,391

Wells

Fargo

&

Co.

111,697

5,235,238

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

4,591

244,058

39,199,177

Beverages

1.5%

Brown-Forman

Corp.,

Class

B

5,531

368,254

Coca-Cola

Co.

(The)

113,709

6,972,636

Constellation

Brands,

Inc.,

Class

A

4,608

1,066,844

Keurig

Dr

Pepper,

Inc.

24,460

862,949

Molson

Coors

Beverage

Co.,

Class

B(a)

5,279

277,570

Monster

Beverage

Corp.*

10,978

1,142,590

PepsiCo,

Inc.

40,296

6,891,422

17,582,265

Biotechnology

2.0%

AbbVie,

Inc.

51,658

7,632,470

Amgen,

Inc.

15,536

3,921,286

Biogen,

Inc.*

4,065

1,182,508

Gilead

Sciences,

Inc.

36,647

3,076,149

Incyte

Corp.*

5,720

487,001

Moderna,

Inc.*

9,659

1,700,564

Regeneron

Pharmaceuticals,

Inc.*

3,157

2,394,490

Vertex

Pharmaceuticals,

Inc.*

7,373

2,382,216

22,776,684

Building

Products

0.4%

A

O

Smith

Corp.

3,973

268,972

Allegion

plc

2,271

266,956

Carrier

Global

Corp.

23,984

1,091,992

Johnson

Controls

International

plc

20,409

1,419,854

Masco

Corp.

6,321

336,277

Trane

Technologies

plc

6,505

1,165,176

4,549,227

Capital

Markets

2.8%

Ameriprise

Financial,

Inc.

3,062

1,072,068

Bank

of

New

York

Mellon

Corp.

(The)

20,437

1,033,499

BlackRock,

Inc.

4,379

3,324,581

Cboe

Global

Markets,

Inc.

3,036

373,064

Charles

Schwab

Corp.

(The)

44,335

3,432,416

CME

Group,

Inc.

10,518

1,858,110

FactSet

Research

Systems,

Inc.

1,045

441,972

Franklin

Resources,

Inc.(a)

8,409

262,361

Goldman

Sachs

Group,

Inc.

(The)

9,863

3,607,984

Intercontinental

Exchange,

Inc.

16,142

1,736,072

Invesco

Ltd.

13,236

244,998

MarketAxess

Holdings,

Inc.

1,192

433,709

Moody's

Corp.(a)

4,575

1,476,581

Morgan

Stanley

38,419

3,739,321

MSCI,

Inc.

2,371

1,260,329

Nasdaq,

Inc.

9,662

581,556

Northern

Trust

Corp.

5,929

574,935

Raymond

James

Financial,

Inc.

5,852

659,930

S&P

Global,

Inc.

9,726

3,646,666

State

Street

Corp.

11,122

1,015,772

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.(a)

6,561

764,160

31,540,084

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

6,490

2,080,110

Albemarle

Corp.

3,415

961,152

Celanese

Corp.

2,543

313,298

CF

Industries

Holdings,

Inc.

5,926

501,932

Corteva,

Inc.

21,359

1,376,588

Dow,

Inc.

21,127

1,253,887

DuPont

de

Nemours,

Inc.

15,000

1,109,250

Eastman

Chemical

Co.

3,747

330,373

Ecolab,

Inc.

7,398

1,145,432

FMC

Corp.

3,535

470,615

International

Flavors

&

Fragrances,

Inc.

7,727

868,978

Linde

plc

14,412

4,769,507

LyondellBasell

Industries

NV,

Class

A

7,143

690,657

Mosaic

Co.

(The)

10,156

503,128

PPG

Industries,

Inc.

6,962

907,427

Sherwin-Williams

Co.

(The)

6,864

1,623,954

18,906,288

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

2,538

1,126,212

Copart,

Inc.*

13,078

871,126

Republic

Services,

Inc.

6,092

760,404

Rollins,

Inc.

6,796

247,374

Waste

Management,

Inc.

11,077

1,713,944

4,719,060

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

6,976

879,115

Cisco

Systems,

Inc.

120,418

5,860,744

F5,

Inc.*

1,962

289,709

Juniper

Networks,

Inc.

9,082

293,349

Motorola

Solutions,

Inc.

4,795

1,232,363

8,555,280

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

4,379

666,440

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

1,784

641,598

Vulcan

Materials

Co.

3,800

696,654

1,338,252

Consumer

Finance

0.5%

American

Express

Co.

17,664

3,089,963

Capital

One

Financial

Corp.

11,030

1,312,570

Discover

Financial

Services

7,941

926,953

Synchrony

Financial(a)

13,786

506,360

5,835,846

Containers

&

Packaging

0.3%

Amcor

plc

43,310

522,319

Avery

Dennison

Corp.

2,243

424,914

Ball

Corp.(a)

8,797

512,337

International

Paper

Co.

11,237

469,932

Packaging

Corp.

of

America

2,900

413,830

Sealed

Air

Corp.

4,228

231,525

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

7,959

312,311

2,887,168

Distributors

0.1%

Genuine

Parts

Co.

4,045

678,832

LKQ

Corp.

7,174

422,979

Pool

Corp.

1,136

438,053

1,539,864

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

52,713

16,421,154

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

209,855

4,274,746

Lumen

Technologies,

Inc.(a)

30,150

158,287

Verizon

Communications,

Inc.

122,373

5,087,046

9,520,079

Electric

Utilities

1.7%

Alliant

Energy

Corp.

7,672

414,518

American

Electric

Power

Co.,

Inc.

15,221

1,430,165

Constellation

Energy

Corp.

9,394

801,872

Duke

Energy

Corp.

22,312

2,285,864

Edison

International

11,022

759,416

Entergy

Corp.

5,822

630,406

Evergy,

Inc.

6,458

404,594

Eversource

Energy

10,420

857,879

Exelon

Corp.

27,955

1,179,422

FirstEnergy

Corp.

16,425

672,604

NextEra

Energy,

Inc.

58,411

4,359,213

NRG

Energy,

Inc.

7,788

266,505

PG&E

Corp.*(a)

47,326

752,483

Pinnacle

West

Capital

Corp.

3,353

249,966

PPL

Corp.

21,294

630,302

Southern

Co.

(The)

31,814

2,153,172

Xcel

Energy,

Inc.

15,834

1,088,904

18,937,285

Electrical

Equipment

0.5%

AMETEK,

Inc.

6,682

968,355

Eaton

Corp.

plc

11,663

1,891,855

Emerson

Electric

Co.

17,530

1,581,557

Generac

Holdings,

Inc.*

1,813

218,648

Rockwell

Automation,

Inc.

3,330

939,160

5,599,575

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

17,691

1,411,211

CDW

Corp.

4,122

808,036

Corning,

Inc.

21,765

753,287

Keysight

Technologies,

Inc.*

5,244

940,511

TE

Connectivity

Ltd.

9,067

1,152,869

Teledyne

Technologies,

Inc.*

1,405

596,085

Trimble,

Inc.*

6,785

393,937

Zebra

Technologies

Corp.,

Class

A*

1,444

456,564

6,512,500

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.

28,983

919,920

Halliburton

Co.

26,007

1,072,009

14

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

Ltd.

41,869

2,385,696

4,377,625

Entertainment

1.3%

Activision

Blizzard,

Inc.

20,667

1,582,472

Electronic

Arts,

Inc.

7,503

965,486

Live

Nation

Entertainment,

Inc.*(a)

4,134

332,746

Netflix,

Inc.*

13,002

4,600,888

Take-Two

Interactive

Software,

Inc.*

4,914

556,412

Walt

Disney

Co.

(The)*

53,168

5,768,196

Warner

Bros

Discovery,

Inc.*

64,976

962,944

14,769,144

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Alexandria

Real

Estate

Equities,

Inc.

4,214

677,358

American

Tower

Corp.

13,828

3,089,037

AvalonBay

Communities,

Inc.

4,088

725,375

Boston

Properties,

Inc.

3,704

276,096

Camden

Property

Trust

3,214

395,997

Crown

Castle,

Inc.

12,779

1,892,698

Digital

Realty

Trust,

Inc.

8,701

997,309

Equinix,

Inc.

2,705

1,996,642

Equity

Residential

10,029

638,346

Essex

Property

Trust,

Inc.

1,796

406,022

Extra

Space

Storage,

Inc.

4,053

639,685

Federal

Realty

Investment

Trust

2,257

251,723

Healthpeak

Properties,

Inc.

14,836

407,693

Host

Hotels

&

Resorts,

Inc.

18,960

357,396

Invitation

Homes,

Inc.

16,920

549,900

Iron

Mountain,

Inc.

8,860

483,579

Kimco

Realty

Corp.

18,848

423,326

Mid-America

Apartment

Communities,

Inc.

3,427

571,349

Prologis,

Inc.

27,124

3,506,591

Public

Storage

4,562

1,388,399

Realty

Income

Corp.

18,481

1,253,566

Regency

Centers

Corp.

4,666

310,895

SBA

Communications

Corp.

3,192

949,716

Simon

Property

Group,

Inc.

9,608

1,234,244

UDR,

Inc.

8,166

347,790

Ventas,

Inc.

12,205

632,341

VICI

Properties,

Inc.

27,867

952,494

Welltower,

Inc.

13,905

1,043,431

Weyerhaeuser

Co.

21,357

735,321

27,134,319

Food

&

Staples

Retailing

1.3%

Costco

Wholesale

Corp.

12,921

6,604,440

Kroger

Co.

(The)

19,069

851,049

Sysco

Corp.

14,960

1,158,802

Walgreens

Boots

Alliance,

Inc.

21,775

802,626

Walmart,

Inc.

41,224

5,930,897

15,347,814

Food

Products

1.0%

Archer-Daniels-Midland

Co.(a)

16,036

1,328,583

Campbell

Soup

Co.

5,564

288,938

Conagra

Brands,

Inc.

13,624

506,677

Common

Stocks

Shares

Value

($)

Food

Products

General

Mills,

Inc.

17,248

1,351,553

Hershey

Co.

(The)

4,268

958,593

Hormel

Foods

Corp.

8,070

365,652

J

M

Smucker

Co.

(The)

3,376

515,853

Kellogg

Co.

7,734

530,398

Kraft

Heinz

Co.

(The)

22,750

922,057

Lamb

Weston

Holdings,

Inc.

3,861

385,675

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

7,519

564,827

Mondelez

International,

Inc.,

Class

A

40,362

2,641,289

Tyson

Foods,

Inc.,

Class

A

8,329

547,632

10,907,727

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

4,149

487,673

Health

Care

Equipment

&

Supplies

2.4%

Abbott

Laboratories

50,892

5,626,111

Align

Technology,

Inc.*

2,172

585,854

Baxter

International,

Inc.

14,549

664,744

Becton

Dickinson

and

Co.

8,334

2,102,001

Boston

Scientific

Corp.*

40,895

1,891,394

Cooper

Cos.,

Inc.

(The)

1,408

491,293

Dentsply

Sirona,

Inc.

6,564

241,752

Dexcom,

Inc.*

11,412

1,222,111

Edwards

Lifesciences

Corp.*

18,007

1,381,137

GE

HealthCare

Technologies,

Inc.*(a)

10,588

736,078

Hologic,

Inc.*

7,000

569,590

IDEXX

Laboratories,

Inc.*

2,485

1,194,042

Intuitive

Surgical,

Inc.*

10,314

2,534,047

Medtronic

plc

38,509

3,222,818

ResMed,

Inc.

4,228

965,548

STERIS

plc

2,967

612,715

Stryker

Corp.

9,796

2,486,323

Teleflex,

Inc.(a)

1,405

342,005

Zimmer

Biomet

Holdings,

Inc.

6,008

765,059

27,634,622

Health

Care

Providers

&

Services

2.9%

AmerisourceBergen

Corp.

4,818

814,049

Cardinal

Health,

Inc.

8,064

622,944

Centene

Corp.*

16,411

1,251,175

Cigna

Corp.

8,985

2,845,280

CVS

Health

Corp.

38,324

3,380,943

DaVita,

Inc.*

1,477

121,690

Elevance

Health,

Inc.

7,068

3,533,929

HCA

Healthcare,

Inc.

6,207

1,583,220

Henry

Schein,

Inc.*(a)

4,203

362,088

Humana,

Inc.

3,688

1,887,150

Laboratory

Corp.

of

America

Holdings

2,628

662,571

McKesson

Corp.

4,102

1,553,345

Molina

Healthcare,

Inc.*

1,736

541,337

Quest

Diagnostics,

Inc.

3,270

485,530

UnitedHealth

Group,

Inc.

27,254

13,604,924

Universal

Health

Services,

Inc.,

Class

B

2,023

299,829

33,550,004

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.8%

Booking

Holdings,

Inc.*

1,169

2,845,463

Caesars

Entertainment,

Inc.*

5,635

293,358

Carnival

Corp.*(a)

31,422

339,986

Chipotle

Mexican

Grill,

Inc.*

803

1,322,043

Darden

Restaurants,

Inc.

3,801

562,434

Domino's

Pizza,

Inc.

1,041

367,473

Expedia

Group,

Inc.*

4,015

458,914

Hilton

Worldwide

Holdings,

Inc.

7,993

1,159,704

Las

Vegas

Sands

Corp.*

10,239

604,101

Marriott

International,

Inc.,

Class

A

7,660

1,334,219

McDonald's

Corp.

21,666

5,793,488

MGM

Resorts

International

9,146

378,736

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

12,287

186,885

Royal

Caribbean

Cruises

Ltd.*(a)

6,118

397,303

Starbucks

Corp.

33,312

3,635,672

Wynn

Resorts

Ltd.*

3,064

317,553

Yum!

Brands,

Inc.

8,260

1,078,013

21,075,345

Household

Durables

0.3%

DR

Horton,

Inc.

9,525

940,022

Garmin

Ltd.

4,644

459,199

Lennar

Corp.,

Class

A(a)

7,725

791,040

Mohawk

Industries,

Inc.*

1,568

188,254

Newell

Brands,

Inc.

11,161

178,130

NVR,

Inc.*

83

437,410

PulteGroup,

Inc.(a)

5,871

334,001

Whirlpool

Corp.(a)

1,475

229,495

3,557,551

Household

Products

1.2%

Church

&

Dwight

Co.,

Inc.

7,083

572,732

Clorox

Co.

(The)

3,487

504,534

Colgate-Palmolive

Co.

24,910

1,856,542

Kimberly-Clark

Corp.

9,913

1,288,789

Procter

&

Gamble

Co.

(The)

69,306

9,867,788

14,090,385

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)(a)

20,411

559,465

Industrial

Conglomerates

0.7%

3M

Co.

16,319

1,877,990

General

Electric

Co.

31,764

2,556,367

Honeywell

International,

Inc.

19,716

4,110,392

8,544,749

Insurance

2.1%

Aflac,

Inc.

16,935

1,244,723

Allstate

Corp.

(The)

7,624

979,455

American

International

Group,

Inc.

22,368

1,414,105

Aon

plc,

Class

A

6,033

1,922,597

Arch

Capital

Group

Ltd.*

10,863

699,034

Arthur

J

Gallagher

&

Co.

6,175

1,208,571

Assurant,

Inc.

1,309

173,560

Brown

&

Brown,

Inc.

6,299

368,870

Chubb

Ltd.

12,073

2,746,487

Common

Stocks

Shares

Value

($)

Insurance

Cincinnati

Financial

Corp.(a)

4,554

515,285

Everest

Re

Group

Ltd.

1,077

376,616

Globe

Life,

Inc.(a)

2,745

331,733

Hartford

Financial

Services

Group,

Inc.

(The)

9,373

727,439

Lincoln

National

Corp.

4,453

157,770

Loews

Corp.

6,298

387,201

Marsh

&

McLennan

Cos.,

Inc.

14,483

2,533,222

MetLife,

Inc.

19,417

1,417,829

Principal

Financial

Group,

Inc.

(a)

6,533

604,629

Progressive

Corp.

(The)

17,104

2,332,130

Prudential

Financial,

Inc.

10,812

1,134,611

Travelers

Cos.,

Inc.

(The)

6,806

1,300,763

W

R

Berkley

Corp.

6,051

424,417

Willis

Towers

Watson

plc

3,197

812,645

23,813,692

Interactive

Media

&

Services

3.8%

Alphabet,

Inc.,

Class

A*

174,180

17,215,951

Alphabet,

Inc.,

Class

C*

155,001

15,479,950

Match

Group,

Inc.*

8,610

465,973

Meta

Platforms,

Inc.,

Class

A*

65,703

9,787,776

42,949,650

Internet

&

Direct

Marketing

Retail

2.5%

Amazon.com,

Inc.*

259,376

26,749,447

eBay,

Inc.

16,035

793,732

Etsy,

Inc.*(a)

3,560

489,785

28,032,964

IT

Services

3.9%

Accenture

plc,

Class

A

18,368

5,125,590

Akamai

Technologies,

Inc.*

4,801

427,049

Automatic

Data

Processing,

Inc.

12,209

2,756,914

Broadridge

Financial

Solutions,

Inc.

3,537

531,823

Cognizant

Technology

Solutions

Corp.,

Class

A

15,251

1,018,004

DXC

Technology

Co.*

7,434

213,579

EPAM

Systems,

Inc.*

1,752

582,803

Fidelity

National

Information

Services,

Inc.

17,277

1,296,466

Fiserv,

Inc.*

18,442

1,967,393

FleetCor

Technologies,

Inc.*

2,163

451,656

Gartner,

Inc.*

2,279

770,621

Global

Payments,

Inc.

7,749

873,467

International

Business

Machines

Corp.

26,598

3,583,549

Jack

Henry

&

Associates,

Inc.

2,270

408,804

Mastercard,

Inc.,

Class

A

24,790

9,187,174

Paychex,

Inc.

9,121

1,056,759

PayPal

Holdings,

Inc.*

33,237

2,708,483

VeriSign,

Inc.*

2,657

579,359

Visa,

Inc.,

Class

A(a)

47,750

10,992,528

44,532,021

Leisure

Products

0.0%

†

Hasbro,

Inc.

3,575

211,533

Life

Sciences

Tools

&

Services

1.7%

Agilent

Technologies,

Inc.

8,867

1,348,493

16

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A*

646

301,979

Bio-Techne

Corp.

4,229

336,882

Charles

River

Laboratories

International,

Inc.*

1,435

349,064

Danaher

Corp.

19,280

5,097,247

Illumina,

Inc.*

4,571

979,108

IQVIA

Holdings,

Inc.*

5,598

1,284,237

Mettler-Toledo

International,

Inc.*

651

997,931

PerkinElmer,

Inc.

3,798

522,339

Thermo

Fisher

Scientific,

Inc.

11,538

6,580,468

Waters

Corp.*

1,695

556,943

West

Pharmaceutical

Services,

Inc.

2,260

600,256

18,954,947

Machinery

1.6%

Caterpillar,

Inc.

15,546

3,922,100

Cummins,

Inc.

4,258

1,062,541

Deere

&

Co.

8,021

3,391,600

Dover

Corp.

4,072

618,252

Fortive

Corp.

10,194

693,498

IDEX

Corp.

2,090

500,931

Illinois

Tool

Works,

Inc.

8,085

1,908,383

Ingersoll

Rand,

Inc.

11,453

641,368

Nordson

Corp.

1,532

372,736

Otis

Worldwide

Corp.

12,241

1,006,577

PACCAR,

Inc.

10,110

1,105,124

Parker-Hannifin

Corp.

3,770

1,229,020

Pentair

plc

3,976

220,191

Snap-on,

Inc.

1,611

400,704

Stanley

Black

&

Decker,

Inc.

4,655

415,738

Westinghouse

Air

Brake

Technologies

Corp.

5,090

528,393

Xylem,

Inc.

5,493

571,327

18,588,483

Media

0.7%

Charter

Communications,

Inc.,

Class

A*

3,125

1,200,969

Comcast

Corp.,

Class

A

125,997

4,957,982

DISH

Network

Corp.,

Class

A*(a)

8,148

117,250

Fox

Corp.,

Class

A

8,551

290,221

Fox

Corp.,

Class

B

3,745

118,717

Interpublic

Group

of

Cos.,

Inc.

(The)

11,877

433,035

News

Corp.,

Class

A

11,435

231,673

News

Corp.,

Class

B

2,975

60,809

Omnicom

Group,

Inc.

5,684

488,767

Paramount

Global,

Class

B

12,469

288,782

8,188,205

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

41,434

1,848,785

Newmont

Corp.

23,195

1,227,711

Nucor

Corp.

7,443

1,258,016

Steel

Dynamics,

Inc.

4,414

532,505

4,867,017

Common

Stocks

Shares

Value

($)

Multiline

Retail

0.4%

Dollar

General

Corp.

6,504

1,519,334

Dollar

Tree,

Inc.*(a)

6,197

930,665

Target

Corp.

13,575

2,336,801

4,786,800

Multi-Utilities

0.7%

Ameren

Corp.

7,446

646,834

CenterPoint

Energy,

Inc.

18,175

547,431

CMS

Energy

Corp.

8,271

522,644

Consolidated

Edison,

Inc.

9,712

925,651

Dominion

Energy,

Inc.

24,516

1,560,198

DTE

Energy

Co.

5,802

675,179

NiSource,

Inc.

12,280

340,770

Public

Service

Enterprise

Group,

Inc.

14,850

919,660

Sempra

Energy

9,019

1,446,016

WEC

Energy

Group,

Inc.

9,150

860,009

8,444,392

Oil,

Gas

&

Consumable

Fuels

4.0%

APA

Corp.

9,836

436,030

Chevron

Corp.

52,010

9,050,780

ConocoPhillips

36,189

4,410,353

Coterra

Energy,

Inc.(a)

23,039

576,666

Devon

Energy

Corp.

19,425

1,228,437

Diamondback

Energy,

Inc.

4,994

729,723

EOG

Resources,

Inc.

17,435

2,305,779

EQT

Corp.

11,189

365,545

Exxon

Mobil

Corp.

120,408

13,968,532

Hess

Corp.

8,095

1,215,545

Kinder

Morgan,

Inc.(a)

56,659

1,036,860

Marathon

Oil

Corp.

17,560

482,373

Marathon

Petroleum

Corp.

13,653

1,754,684

Occidental

Petroleum

Corp.(a)

21,140

1,369,661

ONEOK,

Inc.

12,868

881,201

Phillips

66(a)

14,124

1,416,213

Pioneer

Natural

Resources

Co.

7,078

1,630,417

Targa

Resources

Corp.

6,711

503,459

Valero

Energy

Corp.

11,185

1,566,236

Williams

Cos.,

Inc.

(The)

34,328

1,106,735

46,035,229

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A(a)

6,711

1,859,484

Pharmaceuticals

3.8%

Bristol-Myers

Squibb

Co.

62,053

4,508,150

Catalent,

Inc.*

5,469

292,865

Eli

Lilly

&

Co.

23,048

7,931,969

Johnson

&

Johnson

76,438

12,491,498

Merck

&

Co.,

Inc.

74,111

7,960,263

Organon

&

Co.

6,445

194,188

Pfizer,

Inc.

164,075

7,245,552

Viatris,

Inc.

37,653

457,861

Zoetis,

Inc.

13,786

2,281,445

43,363,791

Professional

Services

0.3%

CoStar

Group,

Inc.*

12,314

959,261

Equifax,

Inc.

3,479

773,034

Jacobs

Solutions,

Inc.

3,529

436,008

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

Professional

Services

Leidos

Holdings,

Inc.

3,714

367,092

Robert

Half

International,

Inc.

3,387

284,372

Verisk

Analytics,

Inc.

4,326

786,423

3,606,190

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*(a)

9,518

813,884

Road

&

Rail

0.7%

CSX

Corp.

61,415

1,898,952

JB

Hunt

Transport

Services,

Inc.

2,530

478,297

Norfolk

Southern

Corp.

6,745

1,657,988

Old

Dominion

Freight

Line,

Inc.(a)

2,536

845,097

Union

Pacific

Corp.

17,954

3,666,027

8,546,361

Semiconductors

&

Semiconductor

Equipment

4.8%

Advanced

Micro

Devices,

Inc.*

47,456

3,566,318

Analog

Devices,

Inc.

15,036

2,578,223

Applied

Materials,

Inc.

25,072

2,795,277

Broadcom,

Inc.

11,807

6,907,213

Enphase

Energy,

Inc.*

3,940

872,237

First

Solar,

Inc.*

2,879

511,310

Intel

Corp.

119,947

3,389,702

KLA

Corp.

4,185

1,642,529

Lam

Research

Corp.

3,981

1,990,898

Microchip

Technology,

Inc.

16,239

1,260,471

Micron

Technology,

Inc.

31,467

1,897,460

Monolithic

Power

Systems,

Inc.

1,333

568,605

NVIDIA

Corp.

72,779

14,218,833

NXP

Semiconductors

NV

7,424

1,368,318

ON

Semiconductor

Corp.*

12,403

911,000

Qorvo,

Inc.*

3,236

351,624

QUALCOMM,

Inc.

32,920

4,385,273

Skyworks

Solutions,

Inc.

4,938

541,551

SolarEdge

Technologies,

Inc.*

1,691

539,649

Teradyne,

Inc.(a)

4,391

446,565

Texas

Instruments,

Inc.

26,538

4,702,799

55,445,855

Software

7.3%

Adobe,

Inc.*

13,572

5,026,255

ANSYS,

Inc.*

2,540

676,554

Autodesk,

Inc.*

6,188

1,331,410

Cadence

Design

Systems,

Inc.*

7,921

1,448,196

Ceridian

HCM

Holding,

Inc.*(a)

4,324

312,539

Fortinet,

Inc.*

19,360

1,013,302

Gen

Digital,

Inc.

17,877

411,350

Intuit,

Inc.

8,184

3,459,131

Microsoft

Corp.

217,901

53,998,047

Oracle

Corp.

45,330

4,009,892

Paycom

Software,

Inc.*

1,460

472,952

PTC,

Inc.*

3,228

435,393

Roper

Technologies,

Inc.

3,158

1,347,677

Salesforce,

Inc.*

29,253

4,913,626

ServiceNow,

Inc.*

5,906

2,687,998

Synopsys,

Inc.*

4,425

1,565,344

Common

Stocks

Shares

Value

($)

Software

Tyler

Technologies,

Inc.*

1,264

407,981

83,517,647

Specialty

Retail

2.0%

Advance

Auto

Parts,

Inc.

1,779

270,906

AutoZone,

Inc.*

553

1,348,684

Bath

&

Body

Works,

Inc.

7,159

329,386

Best

Buy

Co.,

Inc.

6,180

548,290

CarMax,

Inc.*(a)

4,178

294,340

Home

Depot,

Inc.

(The)

29,904

9,693,980

Lowe's

Cos.,

Inc.

18,100

3,769,325

O'Reilly

Automotive,

Inc.*

1,814

1,437,323

Ross

Stores,

Inc.

10,134

1,197,737

TJX

Cos.,

Inc.

(The)

33,846

2,770,633

Tractor

Supply

Co.

3,223

734,812

Ulta

Beauty,

Inc.*

1,475

758,091

23,153,507

Technology

Hardware,

Storage

&

Peripherals

5.7%

Apple,

Inc.

437,173

63,079,692

Hewlett

Packard

Enterprise

Co.

36,913

595,407

HP,

Inc.

26,973

785,993

NetApp,

Inc.

6,866

454,735

Seagate

Technology

Holdings

plc

6,110

414,136

Western

Digital

Corp.*

8,262

363,115

65,693,078

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.,

Class

B

36,726

4,676,322

Ralph

Lauren

Corp.

1,349

167,074

Tapestry,

Inc.

7,406

337,491

VF

Corp.

9,952

307,915

5,488,802

Tobacco

0.6%

Altria

Group,

Inc.

52,295

2,355,367

Philip

Morris

International,

Inc.

45,610

4,754,386

7,109,753

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

16,431

830,587

United

Rentals,

Inc.*(a)

2,010

886,309

WW

Grainger,

Inc.

1,324

780,472

2,497,368

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

5,460

854,435

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

17,354

2,591,126

Total

Common

Stocks

(cost

$630,008,456)

997,327,088

18

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Purchased

Options

0.3%

Number

of

Contracts

Value

($)

Call

Options

0.3%

Future

Equity

Index

Options:

0.3%

S&P

500

E-Mini

Index

3/17/2023

at

USD

4,220.00,

American

Style

Notional

Amount:

USD

60,537,510

Exchange

Traded

*

297

594,000

S&P

500

E-Mini

Index

2/28/2023

at

USD

4,050.00,

European

Style

Notional

Amount:

USD

60,537,510

Exchange

Traded

*

297

1,507,275

S&P

500

E-Mini

Index

3/17/2023

at

USD

4,080.00,

American

Style

Notional

Amount:

USD

60,537,510

Exchange

Traded

*

297

1,548,112

Total

Purchased

Options

(cost

$2,714,297)

3,649,387

Short-Term

Investments

8.8%

Shares

U.S.

Treasury

Obligation

8.8%

U.S.

Treasury

Bills

4.55%

5/18/2023

99,155,000

97,836,817

4.30%

3/16/2023(b)

2,865,000

2,849,709

Total

U.S.

Treasury

Obligation

(cost

$100,704,328)

100,686,526

Total

Short-Term

Investment

(cost

$100,704,328)

100,686,526

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$337,622,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$344,374.(c)

337,581

337,581

Total

Repurchase

Agreement

(cost

$337,581)

337,581

Total

Investments

(cost

$733,764,662)

—

96.2%

1,102,000,582

Other

assets

in

excess

of

liabilities

—

3.8%

43,548,600

NET

ASSETS

—

100.0%

$

1,145,549,182

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$31,436,801,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$337,581

and

by

$31,413,374

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/23/2023

–

5/15/2052,

a

total

value

of

$31,750,955.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$337,581.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

234

3/2023

USD

47,853,000

2,003,542

Net

contracts

2,003,542

Currency:

USD

United

States

Dollar

20

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

997,327,088

$

–

$

–

$

997,327,088

Futures

Contracts

2,003,542

–

–

2,003,542

Purchased

Option

3,649,387

–

–

3,649,387

Repurchase

Agreement

–

337,581

–

337,581

Short-Term

Investments

–

100,686,526

–

100,686,526

Total

$

1,002,980,017

$

101,024,107

$

–

$

1,104,004,124

22

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

3,649,387

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

2,003,542

Total

$

5,652,929

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

88.3%

Shares

Value

($)

Aerospace

&

Defense

4.5%

Howmet

Aerospace,

Inc.

72,005

2,929,883

L3Harris

Technologies,

Inc.

19,079

4,098,551

Northrop

Grumman

Corp.

9,446

4,232,186

Raytheon

Technologies

Corp.

151,505

15,127,774

26,388,394

Air

Freight

&

Logistics

0.7%

FedEx

Corp.

21,259

4,121,270

Automobiles

1.0%

General

Motors

Co.

144,772

5,692,435

Banks

8.0%

Bank

of

America

Corp.

205,849

7,303,523

JPMorgan

Chase

&

Co.

179,768

25,160,329

US

Bancorp

191,759

9,549,598

Wells

Fargo

&

Co.

110,180

5,164,137

47,177,587

Biotechnology

3.0%

AbbVie,

Inc.

33,980

5,020,545

Gilead

Sciences,

Inc.

152,068

12,764,588

17,785,133

Capital

Markets

6.5%

Ameriprise

Financial,

Inc.

12,320

4,313,479

Charles

Schwab

Corp.

(The)

96,698

7,486,359

CME

Group,

Inc.

65,519

11,574,587

Goldman

Sachs

Group,

Inc.

(The)

18,893

6,911,248

Morgan

Stanley

81,840

7,965,487

38,251,160

Communications

Equipment

2.8%

Cisco

Systems,

Inc.

336,978

16,400,719

Diversified

Financial

Services

4.6%

Berkshire

Hathaway,

Inc.,

Class

B*

70,012

21,810,138

Voya

Financial,

Inc.(a)

79,440

5,542,529

27,352,667

Electric

Utilities

4.2%

Constellation

Energy

Corp.

125,010

10,670,854

Exelon

Corp.

172,241

7,266,848

PPL

Corp.

228,557

6,765,287

24,702,989

Electrical

Equipment

2.0%

Eaton

Corp.

plc

58,088

9,422,455

Hubbell,

Inc.

10,564

2,418,205

11,840,660

Electronic

Equipment,

Instruments

&

Components

0.7%

Corning,

Inc.

114,141

3,950,420

Energy

Equipment

&

Services

1.7%

Schlumberger

Ltd.

175,734

10,013,323

Food

Products

0.8%

Archer-Daniels-Midland

Co.

27,913

2,312,592

Bunge

Ltd.

27,860

2,760,926

5,073,518

Health

Care

Equipment

&

Supplies

4.7%

Becton

Dickinson

and

Co.

64,874

16,362,520

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

133,934

11,208,937

27,571,457

Health

Care

Providers

&

Services

2.4%

McKesson

Corp.

20,250

7,668,270

UnitedHealth

Group,

Inc.

13,068

6,523,415

14,191,685

Hotels,

Restaurants

&

Leisure

3.0%

International

Game

Technology

plc

407,731

10,784,485

Las

Vegas

Sands

Corp.*

119,767

7,066,253

17,850,738

Independent

Power

and

Renewable

Electricity

Producers

0.4%

NextEra

Energy

Partners

LP(a)

32,117

2,354,176

Insurance

7.8%

Allstate

Corp.

(The)

71,626

9,201,792

Aon

plc,

Class

A

14,741

4,697,662

Assurant,

Inc.

32,756

4,343,118

Chubb

Ltd.

49,903

11,352,434

Everest

Re

Group

Ltd.

12,474

4,362,033

MetLife,

Inc.

75,155

5,487,818

Progressive

Corp.

(The)

20,662

2,817,264

RenaissanceRe

Holdings

Ltd.

20,886

4,087,181

46,349,302

Interactive

Media

&

Services

0.7%

Alphabet,

Inc.,

Class

A*

43,559

4,305,371

IT

Services

1.2%

Fidelity

National

Information

Services,

Inc.

96,618

7,250,215

Life

Sciences

Tools

&

Services

1.3%

Danaher

Corp.

30,069

7,949,642

Machinery

2.3%

Caterpillar,

Inc.

28,205

7,115,839

Ingersoll

Rand,

Inc.

120,060

6,723,360

13,839,199

Media

4.0%

Comcast

Corp.,

Class

A

172,587

6,791,299

Interpublic

Group

of

Cos.,

Inc.

(The)

271,756

9,908,224

Omnicom

Group,

Inc.

80,759

6,944,466

23,643,989

Metals

&

Mining

2.8%

Alcoa

Corp.

73,440

3,836,506

Freeport-McMoRan,

Inc.

290,596

12,966,393

16,802,899

Oil,

Gas

&

Consumable

Fuels

8.4%

ConocoPhillips

35,190

4,288,605

EOG

Resources,

Inc.

31,444

4,158,469

EQT

Corp.

90,382

2,952,780

Exxon

Mobil

Corp.

183,311

21,265,909

Hess

Corp.

72,734

10,921,737

Marathon

Petroleum

Corp.

45,924

5,902,153

49,489,653

24

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

Common

Stocks

Shares

Value

($)

Pharmaceuticals

4.0%

Eli

Lilly

&

Co.

18,982

6,532,655

Merck

&

Co.,

Inc.

41,297

4,435,711

Sanofi,

ADR-FR

257,736

12,665,147

23,633,513

Semiconductors

&

Semiconductor

Equipment

2.4%

Applied

Materials,

Inc.

42,308

4,716,919

Micron

Technology,

Inc.

84,726

5,108,978

QUALCOMM,

Inc.

31,718

4,225,154

14,051,051

Software

0.5%

Dolby

Laboratories,

Inc.,

Class

A

38,157

3,035,771

Technology

Hardware,

Storage

&

Peripherals

1.2%

Hewlett

Packard

Enterprise

Co.

432,732

6,979,967

Tobacco

0.7%

British

American

Tobacco

plc,

ADR-UK

108,885

4,190,984

Total

Common

Stocks

(cost

$408,539,557)

522,239,887

Purchased

Options

0.3%

Number

of

Contracts

Call

Options

0.3%

Future

Equity

Index

Options:

0.3%

S&P

500

E-Mini

Index

3/17/2023

at

USD

4,220.00,

American

Style

Notional

Amount:

USD

28,332,370

Exchange

Traded

*

139

278,000

S&P

500

E-Mini

Index

2/28/2023

at

USD

4,050.00,

European

Style

Notional

Amount:

USD

28,332,370

Exchange

Traded

*

139

705,425

S&P

500

E-Mini

Index

3/17/2023

at

USD

4,080.00,

American

Style

Notional

Amount:

USD

28,332,370

Exchange

Traded

*

139

724,538

Total

Purchased

Options

(cost

$1,270,319)

1,707,963

Short-Term

Investments

2.2%

Shares

Value

($)

U.S.

Treasury

Obligation

2.2%

U.S.

Treasury

Bills

4.55%

5/18/2023

12,000,000

11,840,470

4.30%

3/16/2023(b)

1,435,000

1,427,341

Total

U.S.

Treasury

Obligation

(cost

$13,269,691)

13,267,811

Total

Short-Term

Investment

(cost

$13,269,691)

13,267,811

Repurchase

Agreement

0.3%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$1,766,647,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,801,979.(c)

1,766,436

1,766,436

Total

Repurchase

Agreement

(cost

$1,766,436)

1,766,436

Total

Investments

(cost

$424,846,003)

—

91.1%

538,982,097

Other

assets

in

excess

of

liabilities

—

8.9%

52,715,154

NET

ASSETS

—

100.0%

$

591,697,251

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$6,453,512,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,766,436

and

by

$4,718,550

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

8/15/2051,

a

total

value

of

$6,484,986.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$1,766,436.

ADR

American

Depositary

Receipt

FR

France

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

614

3/2023

USD

48,392,410

1,085,632

Total

long

contracts

1,085,632

Short

Contracts

S&P

500

E-Mini

Index

(252)

3/2023

USD

(51,534,000)

(1,304,422)

Total

short

contracts

(1,304,422)

Net

contracts

(218,790)

Currency:

USD

United

States

Dollar

26

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

522,239,887

$

–

$

–

$

522,239,887

Futures

Contracts

1,085,632

–

–

1,085,632

Purchased

Option

1,707,963

–

–

1,707,963

Repurchase

Agreement

–

1,766,436

–

1,766,436

Short-Term

Investments

–

13,267,811

–

13,267,811

Total

Assets

$

525,033,482

$

15,034,247

$

–

$

540,067,729

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,304,422)

$

–

$

–

$

(1,304,422)

Total

Liabilities

$

(1,304,422)

$

–

$

–

$

(1,304,422)

Total

$

523,729,060

$

15,034,247

$

–

$

538,763,307

28

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(formerly,

Nationwide

BNY

Mellon

Disciplined

Value

Fund)

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

1,707,963

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,085,632

Total

$

2,793,595

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,304,422)

Total

$

(1,304,422)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

97.9%

Shares

Value

($)

Aerospace

&

Defense

2.2%

Boeing

Co.

(The)*

20,868

4,444,884

General

Dynamics

Corp.

22,393

5,218,913

Lockheed

Martin

Corp.

12,548

5,812,986

Raytheon

Technologies

Corp.

81,026

8,090,446

23,567,229

Air

Freight

&

Logistics

0.4%

CH

Robinson

Worldwide,

Inc.

17,366

1,739,552

FedEx

Corp.

14,664

2,842,763

4,582,315

Airlines

0.8%

Delta

Air

Lines,

Inc.*

22,954

897,501

Southwest

Airlines

Co.

210,831

7,541,425

8,438,926

Automobiles

0.5%

Ford

Motor

Co.

169,986

2,296,511

Tesla,

Inc.*

17,303

2,997,226

5,293,737

Beverages

2.5%

Constellation

Brands,

Inc.,

Class

A

46,122

10,678,166

Keurig

Dr

Pepper,

Inc.

158,887

5,605,533

Monster

Beverage

Corp.*

108,054

11,246,260

27,529,959

Biotechnology

1.6%

Alnylam

Pharmaceuticals,

Inc.*

6,386

1,445,790

Biogen,

Inc.*

11,094

3,227,245

Incyte

Corp.*

9,022

768,133

Moderna,

Inc.*

6,191

1,089,988

Regeneron

Pharmaceuticals,

Inc.*

4,818

3,654,309

Seagen,

Inc.*

14,482

2,019,949

Vertex

Pharmaceuticals,

Inc.*

16,272

5,257,483

17,462,897

Building

Products

1.0%

Builders

FirstSource,

Inc.*

86,970

6,931,509

Johnson

Controls

International

plc

56,222

3,911,365

10,842,874

Capital

Markets

7.5%

Ares

Management

Corp.

217,251

18,029,660

BlackRock,

Inc.

10,800

8,199,468

Charles

Schwab

Corp.

(The)

167,212

12,945,553

Goldman

Sachs

Group,

Inc.

(The)

26,045

9,527,521

Morgan

Stanley

191,129

18,602,586

MSCI,

Inc.

22,246

11,825,084

Nasdaq,

Inc.

36,150

2,175,869

81,305,741

Chemicals

2.4%

Celanese

Corp.

45,770

5,638,864

FMC

Corp.

56,589

7,533,694

Linde

plc

25,110

8,309,903

PPG

Industries,

Inc.

36,059

4,699,930

26,182,391

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

0.2%

Waste

Connections,

Inc.

19,572

2,601,119

Containers

&

Packaging

0.4%

Ball

Corp.(a)

35,137

2,046,379

Crown

Holdings,

Inc.(a)

26,985

2,378,997

4,425,376

Diversified

Financial

Services

0.5%

Berkshire

Hathaway,

Inc.,

Class

B*

11,519

3,588,399

Equitable

Holdings,

Inc.

70,156

2,249,903

5,838,302

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

460,716

9,384,785

Electric

Utilities

3.1%

Duke

Energy

Corp.

88,665

9,083,729

Edison

International

103,836

7,154,300

Exelon

Corp.

172,045

7,258,579

FirstEnergy

Corp.

191,021

7,822,310

NextEra

Energy,

Inc.

35,884

2,678,023

33,996,941

Electrical

Equipment

0.6%

AMETEK,

Inc.

34,690

5,027,275

Emerson

Electric

Co.

13,806

1,245,577

6,272,852

Energy

Equipment

&

Services

0.4%

Schlumberger

Ltd.

74,634

4,252,645

Entertainment

1.0%

Walt

Disney

Co.

(The)*

102,168

11,084,206

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

Host

Hotels

&

Resorts,

Inc.

344,957

6,502,439

Kimco

Realty

Corp.

241,897

5,433,007

Prologis,

Inc.

25,485

3,294,701

Sun

Communities,

Inc.

29,698

4,658,428

Welltower,

Inc.

102,241

7,672,165

27,560,740

Food

&

Staples

Retailing

2.2%

Sysco

Corp.

308,067

23,862,870

Food

Products

0.9%

Hershey

Co.

(The)

42,451

9,534,495

Health

Care

Equipment

&

Supplies

2.8%

Abbott

Laboratories

67,421

7,453,392

Baxter

International,

Inc.

12,323

563,038

Boston

Scientific

Corp.*

139,440

6,449,100

Dexcom,

Inc.*

27,371

2,931,160

Edwards

Lifesciences

Corp.*

62,056

4,759,695

Insulet

Corp.*(a)

8,501

2,442,507

Stryker

Corp.

24,139

6,126,720

30,725,612

Health

Care

Providers

&

Services

4.0%

AmerisourceBergen

Corp.

29,841

5,041,935

Centene

Corp.*

102,358

7,803,774

Elevance

Health,

Inc.

8,917

4,458,411

HCA

Healthcare,

Inc.

16,361

4,173,200

Humana,

Inc.

12,423

6,356,849

Laboratory

Corp.

of

America

Holdings

9,862

2,486,408

30

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Molina

Healthcare,

Inc.*

12,838

4,003,274

UnitedHealth

Group,

Inc.

19,302

9,635,365

43,959,216

Hotels,

Restaurants

&

Leisure

1.7%

Airbnb,

Inc.,

Class

A*

82,155

9,128,242

Starbucks

Corp.

81,474

8,892,072

18,020,314

Household

Durables

0.2%

DR

Horton,

Inc.

6,761

667,243

Lennar

Corp.,

Class

A

16,499

1,689,498

2,356,741

Independent

Power

and

Renewable

Electricity

Producers

0.6%

AES

Corp.

(The)(a)

218,544

5,990,291

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

33,173

6,915,907

Insurance

3.1%

American

International

Group,

Inc.

83,863

5,301,819

Arch

Capital

Group

Ltd.*

76,200

4,903,470

Chubb

Ltd.

31,710

7,213,708

Marsh

&

McLennan

Cos.,

Inc.

49,145

8,595,952

MetLife,

Inc.

55,940

4,084,738

Progressive

Corp.

(The)

26,591

3,625,683

33,725,370

Interactive

Media

&

Services

5.6%

Alphabet,

Inc.,

Class

A*

395,258

39,067,301

Match

Group,

Inc.*

89,804

4,860,192

Meta

Platforms,

Inc.,

Class

A*

112,703

16,789,366

60,716,859

Internet

&

Direct

Marketing

Retail

5.0%

Amazon.com,

Inc.*

410,115

42,295,160

Etsy,

Inc.*(a)

86,964

11,964,507

54,259,667

IT

Services

4.6%

Block,

Inc.,

Class

A*

85,983

7,026,531

FleetCor

Technologies,

Inc.*

20,533

4,287,496

Global

Payments,

Inc.

55,481

6,253,818

GoDaddy,

Inc.,

Class

A*

43,426

3,566,577

Okta,

Inc.*

6,931

510,191

PayPal

Holdings,

Inc.*

78,858

6,426,138

Snowflake,

Inc.,

Class

A*

7,181

1,123,396

VeriSign,

Inc.*

53,571

11,681,157

Visa,

Inc.,

Class

A(a)

37,287

8,583,840

49,459,144

Life

Sciences

Tools

&

Services

1.9%

Agilent

Technologies,

Inc.

44,703

6,798,432

Danaher

Corp.

39,739

10,506,197

Illumina,

Inc.*

14,843

3,179,371

20,484,000

Machinery

2.5%

Caterpillar,

Inc.

11,572

2,919,500

Fortive

Corp.

58,869

4,004,858

Ingersoll

Rand,

Inc.

72,687

4,070,472

PACCAR,

Inc.

64,132

7,010,269

Common

Stocks

Shares

Value

($)

Machinery

Westinghouse

Air

Brake

Technologies

Corp.

92,472

9,599,518

27,604,617

Media

0.9%

Omnicom

Group,

Inc.

113,763

9,782,480

Oil,

Gas

&

Consumable

Fuels

5.4%

BP

plc,

ADR-UK

452,974

16,411,248

ConocoPhillips

111,985

13,647,612

Diamondback

Energy,

Inc.

13,389

1,956,401

EOG

Resources,

Inc.

25,432

3,363,382

Marathon

Petroleum

Corp.

61,392

7,890,100

Shell

plc,

ADR-NL

257,698

15,155,219

58,423,962

Pharmaceuticals

6.5%

AstraZeneca

plc,

ADR-UK

134,682

8,804,162

Bristol-Myers

Squibb

Co.

72,147

5,241,480

Eli

Lilly

&

Co.

54,109

18,621,612

GSK

plc,

ADR

82,611

2,912,864

Merck

&

Co.,

Inc.

93,343

10,025,972

Novartis

AG,

ADR-CH

48,814

4,423,525

Pfizer,

Inc.

296,297

13,084,475

Zoetis,

Inc.

46,763

7,738,809

70,852,899

Professional

Services

0.2%

Equifax,

Inc.

8,357

1,856,925

Real

Estate

Management

&

Development

0.3%

CBRE

Group,

Inc.,

Class

A*(a)

37,896

3,240,487

Semiconductors

&

Semiconductor

Equipment

4.1%

Advanced

Micro

Devices,

Inc.*

85,594

6,432,389

Intel

Corp.

91,536

2,586,808

KLA

Corp.

13,440

5,274,931

Marvell

Technology,

Inc.

73,954

3,191,115

Micron

Technology,

Inc.

90,787

5,474,456

NVIDIA

Corp.

17,790

3,475,632

ON

Semiconductor

Corp.*

65,289

4,795,477

Teradyne,

Inc.

34,798

3,538,957

Texas

Instruments,

Inc.

58,263

10,324,786

45,094,551

Software

7.9%

Ceridian

HCM

Holding,

Inc.*(a)

87,387

6,316,332

HashiCorp,

Inc.,

Class

A*(a)

48,285

1,553,811

HubSpot,

Inc.*

3,367

1,168,383

Microsoft

Corp.

239,143

59,262,027

Palo

Alto

Networks,

Inc.*(a)

12,913

2,048,518

Qualtrics

International,

Inc.,

Class

A*(a)

63,224

997,042

Salesforce,

Inc.*

38,929

6,538,904

SentinelOne,

Inc.,

Class

A*

20,020

302,102

ServiceNow,

Inc.*

11,822

5,380,547

Workday,

Inc.,

Class

A*

15,906

2,885,826

86,453,492

Specialty

Retail

1.5%

TJX

Cos.,

Inc.

(The)

201,271

16,476,044

Technology

Hardware,

Storage

&

Peripherals

3.7%

Apple,

Inc.

275,769

39,790,709

Nationwide

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0.9%

NIKE,

Inc.,

Class

B

80,637

10,267,509

Tobacco

1.3%

Philip

Morris

International,

Inc.

135,964

14,172,887

Trading

Companies

&

Distributors

0.1%

United

Rentals,

Inc.*(a)

1,821

802,970

Wireless

Telecommunication

Services

0.9%

T-Mobile

US,

Inc.*

67,725

10,112,020

Total

Common

Stocks

(cost

$781,564,507)

1,065,565,073

Exchange

Traded

Fund

1.2%

Equity

Fund

1.2%

SPDR

S&P

500

ETF

Trust(a)

31,487

12,798,836

Total

Exchange

Traded

Fund

(cost

$12,530,030)

12,798,836

Repurchase

Agreement

0.1%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$1,321,598,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,348,029.(b)

1,321,440

1,321,440

Total

Repurchase

Agreement

(cost

$1,321,440)

1,321,440

Total

Investments

(cost

$795,415,977)

—

99.2%

1,079,685,349

Other

assets

in

excess

of

liabilities

—

0.8%

8,915,278

NET

ASSETS

—

100.0%

$

1,088,600,627

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$42,091,960,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,321,440

and

by

$40,775,477

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2049,

a

total

value

of

$42,096,917.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$1,321,440.

ADR

American

Depositary

Receipt

CH

Switzerland

ETF

Exchange

Traded

Fund

NL

Netherlands

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

32

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,065,565,073

$

–

$

–

$

1,065,565,073

Exchange

Traded

Fund

12,798,836

–

–

12,798,836

Repurchase

Agreement

–

1,321,440

–

1,321,440

Total

$

1,078,363,909

$

1,321,440

$

–

$

1,079,685,349

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

34

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

Common

Stocks

95.3%

Shares

Value

($)

Aerospace

&

Defense

6.1%

Axon

Enterprise,

Inc.*

45,848

8,960,533

HEICO

Corp.,

Class

A

36,381

4,863,412

13,823,945

Banks

1.1%

Signature

Bank

19,044

2,455,724

Building

Products

3.6%

Advanced

Drainage

Systems,

Inc.

68,608

6,918,431

Fortune

Brands

Innovations,

Inc.

20,321

1,310,907

8,229,338

Capital

Markets

3.9%

Intercontinental

Exchange,

Inc.

44,414

4,776,726

Raymond

James

Financial,

Inc.

36,335

4,097,498

8,874,224

Commercial

Services

&

Supplies

3.9%

Copart,

Inc.*

131,823

8,780,730

Distributors

3.5%

Pool

Corp.

20,873

8,048,838

Electrical

Equipment

0.8%

Generac

Holdings,

Inc.*

15,341

1,850,125

Electronic

Equipment,

Instruments

&

Components

9.1%

Amphenol

Corp.,

Class

A

92,577

7,384,867

Cognex

Corp.

28,884

1,581,110

Keysight

Technologies,

Inc.*

51,196

9,182,003

Trimble,

Inc.*

45,554

2,644,865

20,792,845

Food

Products

0.2%

Freshpet,

Inc.*(a)

8,443

534,695

Health

Care

Equipment

&

Supplies

7.1%

Align

Technology,

Inc.*

5,156

1,390,728

Cooper

Cos.,

Inc.

(The)(a)

5,703

1,989,948

IDEXX

Laboratories,

Inc.*

13,546

6,508,853

STERIS

plc

30,004

6,196,126

16,085,655

Health

Care

Providers

&

Services

0.4%

HealthEquity,

Inc.*

13,647

830,420

Household

Products

1.4%

Church

&

Dwight

Co.,

Inc.

39,296

3,177,475

Internet

&

Direct

Marketing

Retail

1.1%

Etsy,

Inc.*

17,506

2,408,475

IT

Services

11.9%

Broadridge

Financial

Solutions,

Inc.

29,985

4,508,545

EPAM

Systems,

Inc.*

14,564

4,844,715

Fiserv,

Inc.*

49,639

5,295,488

Gartner,

Inc.*

20,888

7,063,068

Global

Payments,

Inc.

34,253

3,860,998

SS&C

Technologies

Holdings,

Inc.

25,971

1,567,350

27,140,164

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

2.5%

Charles

River

Laboratories

International,

Inc.*

4,013

976,162

Repligen

Corp.*

25,358

4,698,838

5,675,000

Machinery

2.9%

IDEX

Corp.

27,217

6,523,371

Pharmaceuticals

1.2%

Catalent,

Inc.*

50,940

2,727,837

Professional

Services

5.4%

CoStar

Group,

Inc.*

88,490

6,893,371

Verisk

Analytics,

Inc.

29,408

5,346,080

12,239,451

Road

&

Rail

0.6%

JB

Hunt

Transport

Services,

Inc.

7,334

1,386,493

Semiconductors

&

Semiconductor

Equipment

0.4%

Monolithic

Power

Systems,

Inc.

2,414

1,029,716

Software

15.8%

ANSYS,

Inc.*

22,279

5,934,234

Blackline,

Inc.*

40,015

2,873,077

Cadence

Design

Systems,

Inc.*

19,108

3,493,516

HubSpot,

Inc.*

10,675

3,704,332

Intuit,

Inc.

19,987

8,447,905

Paycom

Software,

Inc.*

3,085

999,355

Roper

Technologies,

Inc.

11,079

4,727,963

Tyler

Technologies,

Inc.*

17,740

5,725,940

35,906,322

Specialty

Retail

9.2%

Burlington

Stores,

Inc.*

25,654

5,896,059

O'Reilly

Automotive,

Inc.*

11,786

9,338,637

Ulta

Beauty,

Inc.*

11,013

5,660,241

20,894,937

Textiles,

Apparel

&

Luxury

Goods

1.5%

Lululemon

Athletica,

Inc.*

11,248

3,451,786

Trading

Companies

&

Distributors

1.7%

Watsco,

Inc.(a)

13,166

3,783,513

Total

Common

Stocks

(cost

$99,504,529)

216,651,079

Rights

0.0%

†

Number

of

Rights

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*∞

15,020

0

Total

Rights

(cost

$15,320)

0

Total

Investments

(cost

$99,519,849)

—

95.3%

216,651,079

Other

assets

in

excess

of

liabilities

—

4.7%

10,714,081

NET

ASSETS

—

100.0%

$

227,365,160

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$5,379,001,

which

was

collateralized

by

$5,304,137

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

4/30/2023

–

11/15/2051.

CVR

Contingent

Value

Rights

36

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

216,651,079

$

–

$

–

$

216,651,079

Rights

–

–

–

–

Total

$

216,651,079

$

–

$

–

$

216,651,079

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

38

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

GQG

US

Quality

Equity

Fund

Common

Stocks

96.5%

Shares

Value

($)

Aerospace

&

Defense

2.3%

Lockheed

Martin

Corp.

4,123

1,910,021

Capital

Markets

6.1%

Charles

Schwab

Corp.

(The)

46,975

3,636,805

Goldman

Sachs

Group,

Inc.

(The)

123

44,995

LPL

Financial

Holdings,

Inc.

5,703

1,352,295

Nasdaq,

Inc.

653

39,304

5,073,399

Diversified

Financial

Services

6.3%

Apollo

Global

Management,

Inc.(a)

27,098

1,917,996

Berkshire

Hathaway,

Inc.,

Class

B*

10,580

3,295,882

5,213,878

Electric

Utilities

8.8%

American

Electric

Power

Co.,

Inc.

30,918

2,905,055

Exelon

Corp.

104,179

4,395,312

7,300,367

Energy

Equipment

&

Services

5.5%

Schlumberger

Ltd.

80,629

4,594,240

Food

&

Staples

Retailing

4.4%

Walmart,

Inc.

25,310

3,641,350

Gas

Utilities

1.5%

Atmos

Energy

Corp.(a)

10,803

1,269,785

Health

Care

Equipment

&

Supplies

2.5%

Stryker

Corp.

8,099

2,055,607

Health

Care

Providers

&

Services

18.0%

Cigna

Corp.

9,935

3,146,117

Elevance

Health,

Inc.

5,499

2,749,445

Humana,

Inc.

7,282

3,726,199

UnitedHealth

Group,

Inc.

10,575

5,278,934

14,900,695

Household

Products

0.1%

Colgate-Palmolive

Co.

616

45,910

Insurance

0.2%

Chubb

Ltd.

264

60,057

Progressive

Corp.

(The)

613

83,583

143,640

Common

Stocks

Shares

Value

($)

IT

Services

4.1%

Visa,

Inc.,

Class

A(a)

14,645

3,371,425

Life

Sciences

Tools

&

Services

0.0%

†

Syneos

Health,

Inc.*

655

23,528

Machinery

2.1%

Caterpillar,

Inc.

6,978

1,760,480

Metals

&

Mining

1.3%

United

States

Steel

Corp.

36,646

1,044,045

Oil,

Gas

&

Consumable

Fuels

16.5%

Arch

Resources,

Inc.

14,364

2,126,159

Exxon

Mobil

Corp.

67,088

7,782,879

Occidental

Petroleum

Corp.(a)

57,953

3,754,775

13,663,813

Pharmaceuticals

6.1%

AstraZeneca

plc,

ADR-UK

35,593

2,326,714

Eli

Lilly

&

Co.

8,004

2,754,577

5,081,291

Specialty

Retail

1.5%

Home

Depot,

Inc.

(The)

3,903

1,265,235

Tobacco

8.8%

Altria

Group,

Inc.

75,565

3,403,448

Philip

Morris

International,

Inc.

36,839

3,840,097

7,243,545

Trading

Companies

&

Distributors

0.4%

United

Rentals,

Inc.*

691

304,696

Total

Investments

(cost

$70,998,840)

—

96.5%

79,906,950

Other

assets

in

excess

of

liabilities

—

3.5%

2,877,800

NET

ASSETS

—

100.0%

$

82,784,750

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$6,451,641,

which

was

collateralized

by

$6,518,991

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/23/2023

–

5/15/2052.

ADR

American

Depositary

Receipt

UK

United

Kingdom

Nationwide

GQG

US

Quality

Equity

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

40

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

GQG

US

Quality

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

79,906,950

$

–

$

–

$

79,906,950

Total

$

79,906,950

$

–

$

–

$

79,906,950

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Loomis

All

Cap

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

99

.1

%

Shares

Value

($)

Aerospace

&

Defense

5

.4

%

Boeing

Co.

(The)*

77,999

16,613,787

Air

Freight

&

Logistics

1

.4

%

Expeditors

International

of

Washington,

Inc.

40,201

4,347,738

Auto

Components

0

.2

%

Mobileye

Global,

Inc.,

Class

A*(a)

15,837

611,308

Automobiles

3

.0

%

Tesla,

Inc.*

52,569

9,106,002

Beverages

5

.7

%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

9,962

3,871,333

Monster

Beverage

Corp.*

130,028

13,533,314

17,404,647

Biotechnology

7

.4

%

Alnylam

Pharmaceuticals,

Inc.*

45,916

10,395,382

BioMarin

Pharmaceutical,

Inc.*

13,600

1,568,760

CRISPR

Therapeutics

AG*

51,947

2,650,336

Regeneron

Pharmaceuticals,

Inc.*

10,623

8,057,227

22,671,705

Capital

Markets

5

.2

%

FactSet

Research

Systems,

Inc.

12,693

5,368,378

MSCI,

Inc.

10,502

5,582,443

SEI

Investments

Co.

79,452

4,960,188

15,911,009

Entertainment

6

.8

%

Netflix,

Inc.*

36,366

12,868,473

Walt

Disney

Co.

(The)*

74,529

8,085,651

20,954,124

Health

Care

Equipment

&

Supplies

0

.9

%

Intuitive

Surgical,

Inc.*

11,982

2,943,858

Health

Care

Technology

3

.6

%

Doximity,

Inc.,

Class

A*(a)

168,885

5,956,574

Veeva

Systems,

Inc.,

Class

A*

29,476

5,027,132

10,983,706

Hotels,

Restaurants

&

Leisure

5

.3

%

Starbucks

Corp.

67,901

7,410,715

Yum

China

Holdings,

Inc.

85,799

5,286,076

Yum!

Brands,

Inc.

27,076

3,533,689

16,230,480

Interactive

Media

&

Services

9

.2

%

Alphabet,

Inc.,

Class

A*

121,768

12,035,549

Alphabet,

Inc.,

Class

C*

21,307

2,127,930

Meta

Platforms,

Inc.,

Class

A*

93,791

13,972,045

28,135,524

Internet

&

Direct

Marketing

Retail

6

.2

%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

41,792

4,605,479

Amazon.com,

Inc.*

138,848

14,319,394

18,924,873

IT

Services

8

.9

%

Block,

Inc.,

Class

A*

53,446

4,367,607

Common

Stocks

Shares

Value

($)

IT

Services

PayPal

Holdings,

Inc.*

54,315

4,426,129

Shopify,

Inc.,

Class

A*

83,913

4,134,394

Visa,

Inc.,

Class

A(a)

62,221

14,323,896

27,252,026

Life

Sciences

Tools

&

Services

1

.8

%

Illumina,

Inc.*

26,365

5,647,383

Machinery

0

.9

%

Deere

&

Co.

6,623

2,800,469

Pharmaceuticals

4

.6

%

Novartis

AG,

ADR-CH

62,240

5,640,189

Novo

Nordisk

A/S,

ADR-DK

32,704

4,538,661

Roche

Holding

AG,

ADR

97,144

3,803,188

13,982,038

Semiconductors

&

Semiconductor

Equipment

7

.2

%

NVIDIA

Corp.

80,419

15,711,460

QUALCOMM,

Inc.

48,511

6,462,150

22,173,610

Software

14

.1

%

Autodesk,

Inc.*

49,808

10,716,689

Microsoft

Corp.

33,188

8,224,318

Oracle

Corp.

144,125

12,749,297

Salesforce,

Inc.*

34,249

5,752,805

Workday,

Inc.,

Class

A*

32,048

5,814,469

43,257,578

Textiles,

Apparel

&

Luxury

Goods

1

.3

%

Under

Armour,

Inc.,

Class

A*

319,886

3,963,388

Total

Common

Stocks

(cost

$214,376,749)

303,915,253

Repurchase

Agreement

1

.1

%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$3,252,204,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$3,317,247.(b)

3,251,817

3,251,817

Total

Repurchase

Agreement

(cost

$3,251,817)

3,251,817

Total

Investments

(cost

$217,628,566)

—

100.2%

307,167,070

Liabilities

in

excess

of

other

assets

—

(0.2)%

(

651,139

)

NET

ASSETS

—

100.0%

$

306,515,931

42

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$22,359,780,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,251,817

and

by

$19,496,865

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$22,748,682.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$3,251,817.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DK

Denmark

Nationwide

Loomis

All

Cap

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

44

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

303,915,253

$

–

$

–

$

303,915,253

Repurchase

Agreement

–

3,251,817

–

3,251,817

Total

$

303,915,253

$

3,251,817

$

–

$

307,167,070

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Small

Company

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

97.5%

Shares

Value

($)

Biotechnology

4.3%

Ironwood

Pharmaceuticals,

Inc.*(a)

135,336

1,559,071

Vericel

Corp.*

172,868

4,748,684

6,307,755

Chemicals

0.4%

Balchem

Corp.

4,068

531,403

Electrical

Equipment

1.6%

Vicor

Corp.*

33,115

2,299,174

Electronic

Equipment,

Instruments

&

Components

4.5%

Cognex

Corp.

121,421

6,646,586

Health

Care

Equipment

&

Supplies

10.7%

Cardiovascular

Systems,

Inc.*

88,414

1,232,491

Glaukos

Corp.*

62,504

3,065,821

Inari

Medical,

Inc.*

11,438

652,538

Inogen,

Inc.*(a)

54,091

1,261,943

Neogen

Corp.*

93,903

2,010,463

OrthoPediatrics

Corp.*(a)

72,974

3,439,265

QuidelOrtho

Corp.*

23,801

2,037,604

Tandem

Diabetes

Care,

Inc.*

49,789

2,028,404

15,728,529

Health

Care

Technology

4.1%

NextGen

Healthcare,

Inc.*(a)

14,735

280,260

Veeva

Systems,

Inc.,

Class

A*

33,835

5,770,559

6,050,819

Internet

&

Direct

Marketing

Retail

2.6%

Xometry,

Inc.,

Class

A*(a)

109,298

3,827,616

Life

Sciences

Tools

&

Services

14.4%

10X

Genomics,

Inc.,

Class

A*(a)

71,271

3,337,621

Bio-Techne

Corp.

72,731

5,793,751

CryoPort,

Inc.*(a)

179,279

4,092,940

Cytek

Biosciences,

Inc.*(a)

161,577

1,947,003

Repligen

Corp.*

32,155

5,958,321

21,129,636

Machinery

3.9%

Helios

Technologies,

Inc.

83,907

5,537,862

Proto

Labs,

Inc.*

7,352

224,971

5,762,833

Software

51.0%

Alarm.com

Holdings,

Inc.*

109,320

5,859,552

Alteryx,

Inc.,

Class

A*

17,596

976,402

American

Software,

Inc.,

Class

A

7,606

115,687

ANSYS,

Inc.*

24,984

6,654,738

Appfolio,

Inc.,

Class

A*

54,279

6,097,160

Blackbaud,

Inc.*

2,506

155,898

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

33,828

662,352

Datadog,

Inc.,

Class

A*

83,995

6,283,666

Duck

Creek

Technologies,

Inc.*

180,480

3,416,486

Enfusion,

Inc.,

Class

A*(a)

161,604

1,919,856

Guidewire

Software,

Inc.*(a)

73,846

5,408,481

Manhattan

Associates,

Inc.*

50,177

6,541,074

nCino,

Inc.*(a)

109,006

3,117,572

Olo,

Inc.,

Class

A*(a)

350,895

2,814,178

Common

Stocks

Shares

Value

($)

Software

Paycom

Software,

Inc.*

20,038

6,491,110

PROS

Holdings,

Inc.*

106,331

2,679,541

Q2

Holdings,

Inc.*

80,959

2,648,978

Smartsheet,

Inc.,

Class

A*

125,060

5,403,843

Tyler

Technologies,

Inc.*

19,490

6,290,787

Workiva,

Inc.*

16,300

1,410,439

74,947,800

Total

Common

Stocks

(cost

$112,377,066)

143,232,151

Rights

0.0%

†

Number

of

Rights

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*∞

17,107

0

Total

Rights

(cost

$17,449)

0

Repurchase

Agreement

2.7%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$3,941,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$4,019,823.(b)

3,940,535

3,940,535

Total

Repurchase

Agreement

(cost

$3,940,535)

3,940,535

Total

Investments

(cost

$116,335,050)

—

100.2%

147,172,686

Liabilities

in

excess

of

other

assets

—

(0.2)%

(309,085)

NET

ASSETS

—

100.0%

$

146,863,601

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$22,370,232,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,940,535

and

by

$18,566,358

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$22,506,893.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$3,940,535.

46

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Small

Company

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

143,232,151

$

–

$

–

$

143,232,151

Repurchase

Agreement

–

3,940,535

–

3,940,535

Rights

–

–

–

–

Total

$

143,232,151

$

3,940,535

$

–

$

147,172,686

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

48

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

WCM

Focused

Small

Cap

Fund

Common

Stocks

96

.7

%

Shares

Value

($)

Auto

Components

3

.5

%

Dorman

Products,

Inc.*

71,400

6,930,084

Building

Products

7

.6

%

American

Woodmark

Corp.*

111,300

6,376,377

AZEK

Co.,

Inc.

(The)*

143,500

3,462,655

CSW

Industrials,

Inc.

20,500

2,771,805

Hayward

Holdings,

Inc.*(a)

168,900

2,278,461

14,889,298

Capital

Markets

8

.2

%

Focus

Financial

Partners,

Inc.,

Class

A*

216,500

9,774,975

Virtus

Investment

Partners,

Inc.

29,600

6,360,448

16,135,423

Chemicals

4

.6

%

Element

Solutions,

Inc.

439,500

9,000,960

Commercial

Services

&

Supplies

4

.5

%

SP

Plus

Corp.*

85,700

3,231,747

UniFirst

Corp.

28,436

5,642,840

8,874,587

Construction

&

Engineering

4

.7

%

API

Group

Corp.*

107,077

2,381,392

EMCOR

Group,

Inc.

46,600

6,908,450

9,289,842

Electronic

Equipment,

Instruments

&

Components

4

.7

%

ePlus,

Inc.*

185,200

9,219,256

Food

&

Staples

Retailing

3

.1

%

Grocery

Outlet

Holding

Corp.*

202,400

6,150,936

Food

Products

2

.1

%

Lancaster

Colony

Corp.

21,650

4,154,852

Health

Care

Equipment

&

Supplies

3

.9

%

ICU

Medical,

Inc.*

39,300

7,593,939

Health

Care

Providers

&

Services

8

.2

%

Addus

HomeCare

Corp.*(a)

125,000

13,440,000

DocGo,

Inc.*

271,600

2,716,000

16,156,000

Hotels,

Restaurants

&

Leisure

2

.8

%

Wyndham

Hotels

&

Resorts,

Inc.

71,700

5,557,467

Insurance

3

.9

%

Enstar

Group

Ltd.*

31,200

7,559,760

IT

Services

4

.8

%

Thoughtworks

Holding,

Inc.*(a)

172,900

1,867,320

Verra

Mobility

Corp.*(a)

489,600

7,554,528

9,421,848

Machinery

3

.6

%

Crane

Holdings

Co.

24,700

2,862,977

Hillman

Solutions

Corp.*

436,300

4,188,480

7,051,457

Multiline

Retail

2

.4

%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

87,300

4,780,548

Personal

Products

3

.5

%

Inter

Parfums,

Inc.

57,500

6,797,650

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

3

.1

%

Cushman

&

Wakefield

plc*(a)

424,100

6,119,763

Road

&

Rail

3

.3

%

Landstar

System,

Inc.(a)

37,600

6,498,408

Software

4

.7

%

E2open

Parent

Holdings,

Inc.*

723,000

4,988,700

MeridianLink,

Inc.*(a)

259,100

4,114,508

9,103,208

Specialty

Retail

6

.4

%

America's

Car-Mart,

Inc.*

66,220

5,704,191

Leslie's,

Inc.*

445,700

6,903,893

12,608,084

Trading

Companies

&

Distributors

3

.1

%

Beacon

Roofing

Supply,

Inc.*(a)

108,000

6,143,040

Total

Common

Stocks

(cost

$157,781,022)

190,036,410

Repurchase

Agreement

1

.2

%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$2,266,006,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$2,311,325.(b)

2,265,736

2,265,736

Total

Repurchase

Agreement

(cost

$2,265,736)

2,265,736

Total

Investments

(cost

$160,046,758)

—

97.9%

192,302,146

Other

assets

in

excess

of

liabilities

—

2.1%

4,066,558

NET

ASSETS

—

100.0%

$

196,368,704

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$16,472,568,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,265,736

and

by

$14,177,388

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$16,443,124.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$2,265,736.

Nationwide

WCM

Focused

Small

Cap

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

50

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

WCM

Focused

Small

Cap

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

190,036,410

$

–

$

–

$

190,036,410

Repurchase

Agreement

–

2,265,736

–

2,265,736

Total

$

190,036,410

$

2,265,736

$

–

$

192,302,146

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

95.1%

Shares

Value

($)

Airlines

0.8%

Allegiant

Travel

Co.*

130,787

11,251,606

Auto

Components

4.8%

Dorman

Products,

Inc.*

209,422

20,326,499

Fox

Factory

Holding

Corp.*(a)

401,867

47,456,474

67,782,973

Banks

1.0%

Pacific

Premier

Bancorp,

Inc.

(a)

415,448

13,435,588

Biotechnology

0.8%

Avid

Bioservices,

Inc.*

675,392

10,691,455

Building

Products

3.7%

AAON,

Inc.

389,644

29,737,630

Trex

Co.,

Inc.*(a)

413,547

21,802,198

51,539,828

Chemicals

2.5%

Balchem

Corp.

265,648

34,701,598

Construction

&

Engineering

2.0%

Construction

Partners,

Inc.,

Class

A*(a)

969,831

27,436,519

Diversified

Consumer

Services

1.1%

Bright

Horizons

Family

Solutions,

Inc.*

209,557

16,089,786

Electronic

Equipment,

Instruments

&

Components

4.6%

ePlus,

Inc.*

549,902

27,374,121

Novanta,

Inc.*

233,053

37,631,068

65,005,189

Food

Products

1.8%

J

&

J

Snack

Foods

Corp.(a)

176,184

25,247,167

Health

Care

Equipment

&

Supplies

10.0%

Globus

Medical,

Inc.,

Class

A*(a)

505,627

38,174,839

LeMaitre

Vascular,

Inc.(a)

319,701

15,083,493

Masimo

Corp.*

108,242

18,409,800

Mesa

Laboratories,

Inc.(a)

69,671

13,553,796

Neogen

Corp.*(a)

582,361

12,468,349

Omnicell,

Inc.*(a)

350,666

19,451,443

STAAR

Surgical

Co.*(a)

333,824

23,551,283

140,693,003

Health

Care

Providers

&

Services

1.3%

HealthEquity,

Inc.*(a)

289,415

17,610,903

Health

Care

Technology

0.6%

Certara,

Inc.*(a)

423,868

8,223,039

Hotels,

Restaurants

&

Leisure

2.1%

Texas

Roadhouse,

Inc.(a)

288,736

28,997,757

Household

Products

0.8%

WD-40

Co.(a)

64,103

11,188,538

Insurance

4.3%

Kinsale

Capital

Group,

Inc.

196,248

54,643,293

Palomar

Holdings,

Inc.*(a)

123,589

6,316,634

60,959,927

IT

Services

7.7%

Evo

Payments,

Inc.,

Class

A*

419,438

14,206,365

ExlService

Holdings,

Inc.*

293,217

50,022,820

Common

Stocks

Shares

Value

($)

IT

Services

I3

Verticals,

Inc.,

Class

A*(a)

660,452

19,100,272

Perficient,

Inc.*(a)

341,159

25,293,528

108,622,985

Life

Sciences

Tools

&

Services

4.0%

Azenta,

Inc.*

269,450

15,062,255

BioLife

Solutions,

Inc.*(a)

553,568

12,975,634

Bio-Techne

Corp.

360,716

28,734,637

56,772,526

Machinery

9.7%

Barnes

Group,

Inc.(a)

234,683

10,387,070

Donaldson

Co.,

Inc.

257,092

16,029,686

ESCO

Technologies,

Inc.(a)

309,651

30,482,044

Evoqua

Water

Technologies

Corp.*

619,439

30,048,986

RBC

Bearings,

Inc.*(a)

202,724

49,458,574

136,406,360

Media

0.9%

TechTarget,

Inc.*(a)

246,362

12,202,310

Multiline

Retail

1.0%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

267,277

14,636,089

Professional

Services

4.9%

Exponent,

Inc.

490,280

50,273,311

NV5

Global,

Inc.*

137,713

18,355,766

68,629,077

Road

&

Rail

1.9%

Marten

Transport

Ltd.(a)

1,178,981

26,043,690

Semiconductors

&

Semiconductor

Equipment

3.0%

Onto

Innovation,

Inc.*

440,437

34,640,370

Semtech

Corp.*(a)

225,583

7,451,007

42,091,377

Software

16.6%

Alarm.com

Holdings,

Inc.*(a)

457,006

24,495,522

Blackbaud,

Inc.*(a)

319,429

19,871,678

Blackline,

Inc.*(a)

302,181

21,696,596

Descartes

Systems

Group,

Inc.

(The)*

512,010

37,386,970

Envestnet,

Inc.*(a)

384,619

25,000,235

Fair

Isaac

Corp.*

93,710

62,406,174

Q2

Holdings,

Inc.*

276,513

9,047,505

SPS

Commerce,

Inc.*

162,159

22,066,597

Tyler

Technologies,

Inc.*

34,360

11,090,377

233,061,654

Thrifts

&

Mortgage

Finance

1.2%

Axos

Financial,

Inc.*

341,566

16,436,156

Trading

Companies

&

Distributors

2.0%

SiteOne

Landscape

Supply,

Inc.*(a)

181,037

27,428,916

Total

Investments

(cost

$875,897,958)

—

95.1%

1,333,186,016

Other

assets

in

excess

of

liabilities

—

4.9%

69,167,139

NET

ASSETS

—

100.0%

$

1,402,353,155

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$209,623,819,

which

was

collateralized

by

$209,275,633

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/2/2023

–

8/15/2052.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,333,186,016

$

–

$

–

$

1,333,186,016

Total

$

1,333,186,016

$

–

$

–

$

1,333,186,016

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

3.9%

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

3.2%

Diversified

Financial

Services

0.7%

AB

BSL

CLO

1

Ltd.,

Series

2020-1A,

Class

A1R,

6.00%,

1/15/2035(a)(b)

635,000

626,167

Benefit

Street

Partners

CLO

Ltd.,

Series

2023-

30A,

Class

A,

0.00%,

4/25/2036(a)(b)

3,200,000

3,200,000

LCM

39

Ltd.,

Series

39A,

Class

A1,

5.88%,

10/15/2034(a)(b)

745,000

743,572

Park

Blue

CLO

2022-II

Ltd.,

Series

2022-

2A,

Class

A1,

7.19%,

1/20/2035(a)(b)

1,500,000

1,499,144

6,068,883

Other

2.5%

Barings

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

5.88%,

4/20/2031(a)(b)

3,500,000

3,472,070

Diameter

Capital

CLO

4

Ltd.,

Series

2022-

4A,

Class

A1,

7.02%,

1/15/2036(a)(b)

2,000,000

1,985,864

Logan

CLO

I

Ltd.,

Series

2021-1A,

Class

A,

5.97%,

7/20/2034(a)(b)

6,700,000

6,628,129

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR,

5.95%,

7/20/2034(a)

(b)

3,300,000

3,261,558

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

5.80%,

11/14/2034(a)(b)

4,000,000

3,952,732

PPM

CLO

Ltd.,

Series

2022-6A,

Class

A,

7.02%,

1/20/2031(a)(b)

3,300,000

3,295,552

22,595,905

28,664,788

JERSEY

0.1%

Diversified

Financial

Services

0.1%

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

A1,

1.00%,

1/20/2036(a)

(b)

1,100,000

1,094,685

UNITED

STATES

0.6%

Automobiles

0.1%

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

D,

1.13%,

11/16/2026

500,000

476,170

Series

2021-3,

Class

D,

1.33%,

9/15/2027

1,000,000

937,541

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

0.5%

AIG

CLO

LLC,

Series

2021-1A,

Class

A,

5.92%,

4/22/2034(a)(b)

4,500,000

4,433,728

5,847,439

Total

Asset-Backed

Securities

(cost  $35,308,157)

35,606,912

Collateralized

Mortgage

Obligation

0.0%

UNITED

STATES

0.0%

Connecticut

Avenue

Securities

Trust,

Series

2019-R07,

Class

1M2,

6.61%,

10/25/2039(a)(b)

72,157

72,157

Total

Collateralized

Mortgage

Obligation

(cost

$72,090)

72,157

Commercial

Mortgage-Backed

Securities

2.4%

UNITED

STATES

2.4%

BANK

Series

2019-BN17,

Class

A4,

3.71%,

4/15/2052

1,000,000

948,618

Series

2022-BNK39,

Class

A4,

2.93%,

2/15/2055

1,900,000

1,665,365

Series

2022-BNK43,

Class

A5,

4.40%,

8/15/2055

1,250,000

1,227,549

Series

2022-BNK44,

Class

A5,

5.75%,

11/15/2055(a)

1,800,000

1,952,775

Series

2017-BNK6,

Class

ASB,

3.29%,

7/15/2060

913,899

887,000

Series

2020-BN27,

Class

A5,

2.14%,

4/15/2063

796,000

673,364

Series

2022-BNK40,

Class

A4,

3.39%,

3/15/2064(a)

2,380,000

2,169,208

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

Series

2016-UB10,

Class

A4,

3.17%,

7/15/2049

735,000

695,635

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

AS,

4.53%,

1/15/2052(a)

500,000

475,863

Series

2020-B16,

Class

A5,

2.73%,

2/15/2053

750,000

660,922

Series

2020-B21,

Class

A4,

1.70%,

12/17/2053

300,000

245,609

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

Citigroup

Commercial

Mortgage

Trust

,

Series

2019-GC41,

Class

A4,

2.62%,

8/10/2056

500,000

440,382

FHLMC

Multifamily

Structured

Pass-

Through

Certificates

REMICS

Series

K077,

Class

A2,

3.85%,

5/25/2028(a)

2,000,000

1,986,055

Series

K086,

Class

A2,

3.86%,

11/25/2028(a)

1,000,000

991,609

Series

K126,

Class

A2,

2.07%,

1/25/2031

1,000,000

866,872

FNMA

ACES

REMICS,

Series

2022-M1,

Class

A2,

1.67%,

10/25/2031(a)

1,000,000

821,999

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C21,

Class

A5,

3.77%,

8/15/2047

752,000

733,432

Series

2015-C30,

Class

AS,

4.23%,

7/15/2048(a)

500,000

475,341

Series

2015-C31,

Class

A3,

3.80%,

8/15/2048

347,252

334,771

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-

C7,

Class

A5,

3.41%,

10/15/2050

500,000

470,697

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-

C25,

Class

A4,

3.37%,

10/15/2048

535,000

511,946

Morgan

Stanley

Capital

I

Trust

,

Series

2017-

H1,

Class

AS,

3.77%,

6/15/2050

500,000

465,665

Wells

Fargo

Commercial

Mortgage

Trust

Series

2019-C52,

Class

A5,

2.89%,

8/15/2052

530,000

474,949

Series

2016-C33,

Class

A4,

3.43%,

3/15/2059

1,225,000

1,170,706

Total

Commercial

Mortgage-Backed

Securities

(cost

$22,579,682)

21,346,332

Corporate

Bonds

39.8%

AUSTRALIA

0.0%

†

Banks

0.0%

†

Westpac

Banking

Corp.,

3.74%,

8/26/2025

385,000

377,398

Corporate

Bonds

Principal

Amount

($)

Value

($)

BELGIUM

1.0%

Beverages

1.0%

Anheuser-Busch

Cos.

LLC,

4.70%,

2/1/2036

3,025,000

2,997,958

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.75%,

1/23/2029

5,775,000

5,866,778

8,864,736

CANADA

1.0%

Banks

0.5%

Bank

of

Montreal,

3.70%,

6/7/2025

670,000

654,182

Bank

of

Nova

Scotia

(The),

2.20%,

2/3/2025

1,000,000

951,009

Canadian

Imperial

Bank

of

Commerce,

1.25%,

6/22/2026

850,000

759,714

Royal

Bank

of

Canada

3.97%,

7/26/2024

380,000

375,871

2.05%,

1/21/2027

500,000

456,944

3.63%,

5/4/2027

150,000

144,994

Toronto-Dominion

Bank

(The),

0.75%,

1/6/2026

1,200,000

1,074,430

4,417,144

Capital

Markets

0.0%

†

Brookfield

Finance,

Inc.,

4.85%,

3/29/2029(c)

300,000

298,271

Hotels,

Restaurants

&

Leisure

0.2%

1011778

BC

ULC

4.38%,

1/15/2028(b)

400,000

368,083

4.00%,

10/15/2030(b)

1,968,000

1,675,260

2,043,343

Oil,

Gas

&

Consumable

Fuels

0.2%

Canadian

Natural

Resources

Ltd.,

3.85%,

6/1/2027

580,000

560,126

Enbridge,

Inc.

1.60%,

10/4/2026

400,000

357,447

4.25%,

12/1/2026

500,000

489,702

1,407,275

Professional

Services

0.0%

†

Thomson

Reuters

Corp.,

3.35%,

5/15/2026

100,000

95,859

Road

&

Rail

0.1%

Canadian

Pacific

Railway

Co.,

2.45%,

12/2/2031

800,000

690,863

Wireless

Telecommunication

Services

0.0%

†

Rogers

Communications,

Inc.,

3.20%,

3/15/2027(b)

425,000

399,692

9,352,447

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

CHINA

0.2%

Semiconductors

&

Semiconductor

Equipment

0.2%

NXP

BV

3.15%,

5/1/2027

265,000

246,972

3.40%,

5/1/2030

1,400,000

1,252,841

2.50%,

5/11/2031(c)

400,000

328,559

1,828,372

FRANCE

0.1%

Thrifts

&

Mortgage

Finance

0.1%

BPCE

SA,

4.63%,

9/12/2028(b)

1,250,000

1,196,500

GERMANY

0.1%

Capital

Markets

0.1%

Deutsche

Bank

AG

(SOFR

+

1.13%),

1.45%,

4/1/2025(d)

1,000,000

944,512

(SOFR

+

1.22%),

2.31%,

11/16/2027(d)

150,000

132,573

1,077,085

IRELAND

0.2%

Consumer

Finance

0.2%

AerCap

Ireland

Capital

DAC

3.00%,

10/29/2028

1,075,000

947,657

3.30%,

1/30/2032

764,000

641,461

3.40%,

10/29/2033

400,000

329,693

1,918,811

JAPAN

0.8%

Automobiles

0.0%

†

Honda

Motor

Co.

Ltd.,

2.53%,

3/10/2027(c)

420,000

391,791

Banks

0.7%

Mitsubishi

UFJ

Financial

Group,

Inc.

1.41%,

7/17/2025

1,000,000

915,548

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(d)

880,000

824,788

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(d)

850,000

749,259

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(d)

200,000

180,599

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.24%),

2.84%,

7/16/2025(d)

400,000

384,322

Sumitomo

Mitsui

Financial

Group,

Inc.

0.95%,

1/12/2026

2,250,000

2,009,452

Corporate

Bonds

Principal

Amount

($)

Value

($)

JAPAN

Banks

1.40%,

9/17/2026

260,000

229,860

5,293,828

Capital

Markets

0.1%

Nomura

Holdings,

Inc.,

5.10%,

7/3/2025

320,000

318,969

6,004,588

MEXICO

0.5%

Beverages

0.2%

Coca-Cola

Femsa

SAB

de

CV,

2.75%,

1/22/2030

1,852,000

1,662,615

Construction

&

Engineering

0.3%

Mexico

City

Airport

Trust,

Reg.

S,

3.88%,

4/30/2028

2,510,000

2,398,330

Metals

&

Mining

0.0%

†

Southern

Copper

Corp.,

3.88%,

4/23/2025

185,000

180,099

4,241,044

NETHERLANDS

0.0%

†

Banks

0.0%

†

Cooperatieve

Rabobank

UA,

4.38%,

8/4/2025

250,000

245,206

ING

Groep

NV,

3.95%,

3/29/2027

200,000

192,909

438,115

QATAR

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

QatarEnergy,

Reg.

S,

2.25%,

7/12/2031

1,570,000

1,333,542

SAUDI

ARABIA

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Saudi

Arabian

Oil

Co.,

Reg.

S,

3.50%,

4/16/2029

2,370,000

2,221,591

SOUTH

KOREA

0.0%

†

Metals

&

Mining

0.0%

†

POSCO,

5.75%,

1/17/2028(b)

350,000

361,273

SPAIN

0.3%

Banks

0.3%

Banco

Santander

SA

2.75%,

5/28/2025

400,000

377,156

1.85%,

3/25/2026

2,000,000

1,804,899

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(d)

400,000

351,261

2,533,316

4

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

SWITZERLAND

0.1%

Capital

Markets

0.1%

Credit

Suisse

Group

AG,

(SOFR

+

5.02%),

9.02%,

11/15/2033(b)(d)

975,000

1,095,092

UNITED

ARAB

EMIRATES

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Galaxy

Pipeline

Assets

Bidco

Ltd.,

Reg.

S,

2.63%,

3/31/2036

2,770,000

2,262,410

UNITED

KINGDOM

1.7%

Banks

1.1%

Barclays

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

5.30%,

8/9/2026(d)

215,000

215,014

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(d)

740,000

663,344

HSBC

Holdings

plc

(SOFR

+

1.51%),

4.18%,

12/9/2025(d)

585,000

573,505

(SOFR

+

1.93%),

2.10%,

6/4/2026(d)

1,350,000

1,251,201

(SOFR

+

1.10%),

2.25%,

11/22/2027(d)

2,000,000

1,795,179

(SOFR

+

2.61%),

5.21%,

8/11/2028(d)

2,215,000

2,225,706

Lloyds

Banking

Group

plc

4.45%,

5/8/2025

200,000

197,269

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.72%,

8/11/2026(d)

730,000

719,750

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(d)

1,235,000

1,154,444

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

9/30/2028(d)

1,200,000

1,223,860

10,019,272

Beverages

0.0%

†

Diageo

Capital

plc,

2.00%,

4/29/2030

400,000

341,243

Diversified

Telecommunication

Services

0.1%

Virgin

Media

Finance

plc,

5.00%,

7/15/2030(b)

1,000,000

839,390

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

Food

Products

0.1%

Unilever

Capital

Corp.,

2.90%,

5/5/2027

450,000

428,014

Tobacco

0.4%

BAT

Capital

Corp.

3.56%,

8/15/2027

300,000

279,942

2.26%,

3/25/2028

970,000

834,034

7.75%,

10/19/2032

110,000

122,639

BAT

International

Finance

plc

1.67%,

3/25/2026

1,500,000

1,353,857

4.45%,

3/16/2028

325,000

311,056

2,901,528

14,529,447

UNITED

STATES

33.2%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

5.04%,

5/1/2027

200,000

201,968

3.85%,

11/1/2048

450,000

339,384

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/1/2027

500,000

465,587

Lockheed

Martin

Corp.,

3.90%,

6/15/2032

540,000

524,403

Raytheon

Technologies

Corp.,

3.95%,

8/16/2025

800,000

789,386

TransDigm

UK

Holdings

plc,

6.88%,

5/15/2026

800,000

792,516

TransDigm,

Inc.,

4.88%,

5/1/2029

950,000

857,190

3,970,434

Air

Freight

&

Logistics

0.1%

United

Parcel

Service,

Inc.,

3.90%,

4/1/2025

500,000

495,196

Airlines

0.3%

American

Airlines,

Inc.,

5.75%,

4/20/2029(b)

1,000,000

967,222

United

Airlines,

Inc.,

4.63%,

4/15/2029(b)

2,000,000

1,824,221

2,791,443

Auto

Components

0.2%

Icahn

Enterprises

LP

5.25%,

5/15/2027

1,000,000

931,095

4.38%,

2/1/2029

600,000

522,487

1,453,582

Automobiles

0.2%

Ford

Motor

Co.,

6.10%,

8/19/2032

925,000

907,659

General

Motors

Co.,

4.20%,

10/1/2027

800,000

773,646

1,681,305

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

5.3%

Bank

of

America

Corp.,

Series

L,

3.95%,

4/21/2025

1,000,000

983,330

Bank

of

America

Corp.

(SOFR

+

0.65%),

1.53%,

12/6/2025(d)

1,300,000

1,214,898

(SOFR

+

1.15%),

1.32%,

6/19/2026(d)

550,000

503,754

(SOFR

+

1.75%),

4.83%,

7/22/2026(d)

635,000

633,401

(SOFR

+

1.01%),

1.20%,

10/24/2026(d)

1,000,000

901,650

(SOFR

+

0.96%),

1.73%,

7/22/2027(d)

2,000,000

1,792,025

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(d)

500,000

481,348

(SOFR

+

2.04%),

4.95%,

7/22/2028(c)(d)

660,000

661,132

(SOFR

+

1.06%),

2.09%,

6/14/2029(d)

4,075,000

3,551,352

6.11%,

1/29/2037

4,500,000

4,864,410

Bank

of

America

Corp.,

Series

N,

(SOFR

+

0.91%),

1.66%,

3/11/2027(d)

200,000

180,615

Citigroup,

Inc.

(SOFR

+

1.37%),

4.14%,

5/24/2025(d)

580,000

573,444

4.40%,

6/10/2025

200,000

198,437

3.20%,

10/21/2026

1,000,000

947,470

(SOFR

+

0.77%),

1.46%,

6/9/2027(d)

4,150,000

3,695,641

4.45%,

9/29/2027

400,000

392,445

(SOFR

+

1.35%),

3.06%,

1/25/2033(d)

3,650,000

3,126,711

HSBC

USA,

Inc.,

3.75%,

5/24/2024

970,000

958,296

JPMorgan

Chase

&

Co.

(CME

Term

SOFR

3

Month

+

1.59%),

2.00%,

3/13/2026(d)

979,000

920,963

(SOFR

+

1.85%),

2.08%,

4/22/2026(d)

491,000

461,123

2.95%,

10/1/2026

753,000

717,371

(SOFR

+

0.80%),

1.05%,

11/19/2026(d)

1,000,000

895,057

(SOFR

+

0.89%),

1.58%,

4/22/2027(d)

218,000

195,926

(SOFR

+

0.77%),

1.47%,

9/22/2027(d)

1,000,000

885,900

(SOFR

+

1.89%),

2.18%,

6/1/2028(d)

1,850,000

1,658,790

(SOFR

+

1.99%),

4.85%,

7/25/2028(d)

1,665,000

1,664,578

(SOFR

+

2.52%),

2.96%,

5/13/2031(d)

400,000

347,021

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

(SOFR

+

1.26%),

2.96%,

1/25/2033(d)

425,000

364,318

(SOFR

+

1.80%),

4.59%,

4/26/2033(d)

5,075,000

4,926,472

M&T

Bank

Corp.,

(SOFR

+

1.85%),

5.05%,

1/27/2034(d)

1,280,000

1,276,734

SVB

Financial

Group,

1.80%,

10/28/2026

115,000

101,690

Truist

Financial

Corp.,

3.70%,

6/5/2025

1,000,000

980,360

US

Bancorp,

(SOFR

+

1.66%),

4.55%,

7/22/2028(d)

170,000

169,745

Wells

Fargo

&

Co.

(SOFR

+

1.32%),

3.91%,

4/25/2026(d)

1,605,000

1,568,037

(SOFR

+

1.51%),

3.53%,

3/24/2028(d)

705,000

670,457

(SOFR

+

2.10%),

2.39%,

6/2/2028(d)

1,500,000

1,359,407

(SOFR

+

1.26%),

2.57%,

2/11/2031(d)

3,680,000

3,171,356

(SOFR

+

2.10%),

4.90%,

7/25/2033(d)

400,000

398,449

48,394,113

Beverages

0.5%

Constellation

Brands,

Inc.

4.40%,

11/15/2025

800,000

792,897

4.75%,

12/1/2025

500,000

499,905

Keurig

Dr

Pepper,

Inc.

3.40%,

11/15/2025(c)

500,000

483,544

3.95%,

4/15/2029(c)

1,648,000

1,586,786

3.20%,

5/1/2030(c)

470,000

424,792

4.05%,

4/15/2032(c)

355,000

336,506

PepsiCo,

Inc.,

3.60%,

2/18/2028

760,000

742,639

4,867,069

Biotechnology

0.4%

AbbVie,

Inc.,

4.25%,

11/21/2049

3,050,000

2,730,250

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

9/15/2030

1,546,000

1,247,651

3,977,901

Building

Products

0.1%

Carlisle

Cos.,

Inc.,

2.75%,

3/1/2030

371,000

320,744

Carrier

Global

Corp.,

2.49%,

2/15/2027

378,000

349,106

James

Hardie

International

Finance

DAC,

5.00%,

1/15/2028(b)

500,000

474,738

1,144,588

6

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Capital

Markets

2.8%

Ares

Capital

Corp.

3.88%,

1/15/2026(c)

500,000

470,333

2.15%,

7/15/2026

2,350,000

2,053,584

2.88%,

6/15/2028

500,000

422,240

Barings

BDC,

Inc.,

3.30%,

11/23/2026

25,000

22,041

Blackstone

Private

Credit

Fund,

2.70%,

1/15/2025

130,000

121,691

Charles

Schwab

Corp.

(The)

3.63%,

4/1/2025

1,000,000

978,918

2.45%,

3/3/2027

205,000

190,739

CME

Group,

Inc.,

2.65%,

3/15/2032

60,000

52,585

FactSet

Research

Systems,

Inc.,

2.90%,

3/1/2027

925,000

863,817

FS

KKR

Capital

Corp.

3.40%,

1/15/2026

200,000

182,755

2.63%,

1/15/2027

500,000

430,151

3.25%,

7/15/2027

1,350,000

1,172,905

Golub

Capital

BDC,

Inc.,

2.50%,

8/24/2026

163,000

142,948

Intercontinental

Exchange,

Inc.,

3.65%,

5/23/2025

335,000

330,002

LPL

Holdings,

Inc.,

4.00%,

3/15/2029(b)

1,740,000

1,557,300

Morgan

Stanley

4.00%,

7/23/2025

200,000

196,820

5.00%,

11/24/2025

300,000

301,663

(SOFR

+

0.72%),

0.98%,

12/10/2026(d)

2,420,000

2,153,425

3.63%,

1/20/2027

1,000,000

969,288

(SOFR

+

0.88%),

1.59%,

5/4/2027(d)

2,450,000

2,200,124

(SOFR

+

0.86%),

1.51%,

7/20/2027(d)

3,000,000

2,676,686

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(d)

4,700,000

4,580,064

Nasdaq,

Inc.,

3.85%,

6/30/2026

200,000

195,195

Prospect

Capital

Corp.

3.71%,

1/22/2026

400,000

364,454

3.44%,

10/15/2028

150,000

119,997

S&P

Global,

Inc.

2.45%,

3/1/2027(b)

870,000

809,083

4.75%,

8/1/2028(b)

780,000

791,390

1.25%,

8/15/2030

500,000

398,748

24,748,946

Chemicals

0.9%

Cabot

Corp.,

4.00%,

7/1/2029

720,000

666,094

Celanese

US

Holdings

LLC

5.90%,

7/5/2024

2,375,000

2,388,641

6.05%,

3/15/2025

2,375,000

2,393,236

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Chemicals

1.40%,

8/5/2026

230,000

198,126

6.33%,

7/15/2029

250,000

253,532

Chemours

Co.

(The),

5.75%,

11/15/2028(b)

915,000

833,794

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/2025

150,000

149,813

EIDP,

Inc.,

2.30%,

7/15/2030

395,000

342,243

Huntsman

International

LLC,

4.50%,

5/1/2029

20,000

18,754

Minerals

Technologies,

Inc.,

5.00%,

7/1/2028(b)

400,000

365,800

Sherwin-Williams

Co.

(The),

3.45%,

6/1/2027

305,000

292,899

7,902,932

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

No.

2

3.45%,

5/1/2025

565,000

550,403

3.70%,

4/1/2027

4,000

3,900

Republic

Services,

Inc.,

3.95%,

5/15/2028

2,980,000

2,902,811

Waste

Connections,

Inc.,

3.20%,

6/1/2032

145,000

130,030

Waste

Management,

Inc.,

4.15%,

4/15/2032

1,025,000

1,007,823

4,594,967

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

1,190,000

1,183,001

4.60%,

5/23/2029

1,658,000

1,618,526

2,801,527

Construction

&

Engineering

0.1%

AECOM,

5.13%,

3/15/2027

400,000

393,040

Quanta

Services,

Inc.

2.90%,

10/1/2030

100,000

85,866

2.35%,

1/15/2032(c)

505,000

404,163

883,069

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.,

3.50%,

12/15/2027

300,000

286,512

Consumer

Finance

0.6%

American

Express

Co.

3.38%,

5/3/2024

220,000

216,213

3.95%,

8/1/2025

200,000

196,929

American

Honda

Finance

Corp.,

1.20%,

7/8/2025(c)

1,000,000

921,121

Capital

One

Financial

Corp.,

3.75%,

7/28/2026

550,000

526,142

General

Motors

Financial

Co.,

Inc.

3.80%,

4/7/2025

70,000

67,992

4.35%,

1/17/2027

600,000

582,603

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Consumer

Finance

John

Deere

Capital

Corp.,

3.40%,

6/6/2025

1,015,000

990,773

Toyota

Motor

Credit

Corp.,

3.95%,

6/30/2025

1,375,000

1,356,780

4,858,553

Containers

&

Packaging

0.0%

†

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/2026

350,000

365,605

Distributors

0.1%

Genuine

Parts

Co.,

1.75%,

2/1/2025

1,000,000

940,140

Diversified

Consumer

Services

0.1%

Service

Corp.

International,

4.00%,

5/15/2031

600,000

524,688

Diversified

Financial

Services

0.0%

†

Block

Financial

LLC,

2.50%,

7/15/2028

275,000

241,509

National

Rural

Utilities

Cooperative

Finance

Corp.

1.00%,

6/15/2026

100,000

89,309

1.35%,

3/15/2031

100,000

76,982

407,800

Diversified

Telecommunication

Services

2.3%

AT&T,

Inc.

1.70%,

3/25/2026

1,000,000

917,816

2.30%,

6/1/2027

2,505,000

2,289,406

1.65%,

2/1/2028

2,300,000

2,016,214

2.75%,

6/1/2031

6,475,000

5,584,238

CCO

Holdings

LLC,

6.38%,

9/1/2029(b)

935,000

902,275

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/2030(b)

1,100,000

1,139,875

Sprint

Capital

Corp.,

8.75%,

3/15/2032

855,000

1,055,925

Verizon

Communications,

Inc.

0.85%,

11/20/2025(c)

1,500,000

1,356,664

4.33%,

9/21/2028

5,175,000

5,104,348

20,366,761

Electric

Utilities

1.1%

American

Electric

Power

Co.,

Inc.,

2.30%,

3/1/2030

100,000

84,467

Arizona

Public

Service

Co.,

2.20%,

12/15/2031

210,000

166,838

Commonwealth

Edison

Co.,

2.20%,

3/1/2030

149,000

128,952

Duke

Energy

Corp.

3.15%,

8/15/2027

600,000

564,666

4.30%,

3/15/2028

90,000

88,696

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

Entergy

Corp.,

0.90%,

9/15/2025

100,000

89,854

Entergy

Texas,

Inc.,

4.00%,

3/30/2029

100,000

96,437

Eversource

Energy,

4.20%,

6/27/2024

665,000

658,278

Georgia

Power

Co.,

4.70%,

5/15/2032

390,000

388,839

Indiana

Michigan

Power

Co.,

3.85%,

5/15/2028

200,000

193,118

Interstate

Power

and

Light

Co.,

4.10%,

9/26/2028

100,000

98,109

NextEra

Energy

Capital

Holdings,

Inc.,

1.90%,

6/15/2028(c)

2,495,000

2,185,045

NSTAR

Electric

Co.,

3.20%,

5/15/2027(c)

100,000

95,499

Oncor

Electric

Delivery

Co.

LLC

4.15%,

6/1/2032

125,000

122,289

4.55%,

9/15/2032

160,000

161,629

Pacific

Gas

and

Electric

Co.,

2.10%,

8/1/2027

300,000

263,206

PacifiCorp,

2.70%,

9/15/2030

100,000

88,887

PPL

Capital

Funding,

Inc.,

3.10%,

5/15/2026

50,000

47,443

Southern

Co.

(The),

Series

21-B,

1.75%,

3/15/2028

550,000

475,511

Southwestern

Electric

Power

Co.,

Series

N,

1.65%,

3/15/2026

250,000

227,285

Tucson

Electric

Power

Co.,

1.50%,

8/1/2030

100,000

79,423

Union

Electric

Co.,

2.95%,

3/15/2030

100,000

90,352

Virginia

Electric

and

Power

Co.,

Series

B,

3.75%,

5/15/2027

185,000

180,385

Wisconsin

Power

and

Light

Co.

1.95%,

9/16/2031

35,000

28,411

3.95%,

9/1/2032

155,000

147,757

Xcel

Energy,

Inc.

3.35%,

12/1/2026

2,100,000

2,005,784

1.75%,

3/15/2027

850,000

764,830

9,521,990

Electrical

Equipment

0.1%

Atkore,

Inc.,

4.25%,

6/1/2031(b)

500,000

438,725

Regal

Rexnord

Corp.,

6.30%,

2/15/2030(b)

625,000

637,289

1,076,014

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/1/2027

60,000

55,764

8

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electronic

Equipment,

Instruments

&

Components

CDW

LLC,

3.25%,

2/15/2029

125,000

108,275

164,039

Energy

Equipment

&

Services

0.2%

Schlumberger

Finance

Canada

Ltd.,

1.40%,

9/17/2025

1,500,000

1,391,676

Entertainment

0.4%

Activision

Blizzard,

Inc.,

3.40%,

9/15/2026

410,000

395,498

Take-Two

Interactive

Software,

Inc.,

3.30%,

3/28/2024

410,000

401,826

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/2042(b)

3,225,000

2,753,613

3,550,937

Equity

Real

Estate

Investment

Trusts

(REITs)

1.6%

American

Tower

Corp.

1.45%,

9/15/2026

210,000

186,061

2.75%,

1/15/2027

300,000

276,488

3.65%,

3/15/2027

580,000

551,003

Camden

Property

Trust,

3.15%,

7/1/2029

100,000

92,281

Crown

Castle,

Inc.

1.35%,

7/15/2025

1,000,000

918,702

4.45%,

2/15/2026

200,000

197,598

2.90%,

3/15/2027

100,000

92,985

3.65%,

9/1/2027

728,000

694,624

Digital

Realty

Trust

LP,

3.70%,

8/15/2027

200,000

190,249

ERP

Operating

LP,

2.85%,

11/1/2026

100,000

93,957

Extra

Space

Storage

LP,

3.90%,

4/1/2029

430,000

398,525

GLP

Capital

LP,

5.75%,

6/1/2028

510,000

519,481

Invitation

Homes

Operating

Partnership

LP,

2.00%,

8/15/2031

1,450,000

1,125,348

Life

Storage

LP,

3.88%,

12/15/2027

300,000

284,167

LifeStorage

LP,

3.50%,

7/1/2026(c)

2,400,000

2,274,725

Prologis

LP,

4.63%,

1/15/2033

1,375,000

1,386,226

Public

Storage

3.09%,

9/15/2027

150,000

142,848

1.85%,

5/1/2028(c)

1,910,000

1,683,516

1.95%,

11/9/2028

600,000

526,720

3.39%,

5/1/2029

550,000

516,921

2.30%,

5/1/2031(c)

950,000

809,828

Realty

Income

Corp.,

5.63%,

10/13/2032

185,000

196,126

Simon

Property

Group

LP,

1.38%,

1/15/2027

80,000

71,335

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Equity

Real

Estate

Investment

Trusts

(REITs)

VICI

Properties

LP

4.38%,

5/15/2025

1,090,000

1,065,829

4.50%,

1/15/2028(b)

250,000

233,571

14,529,114

Food

&

Staples

Retailing

0.1%

Albertsons

Cos.,

Inc.,

4.63%,

1/15/2027(b)

850,000

805,843

Food

Products

0.4%

Bunge

Ltd.

Finance

Corp.,

1.63%,

8/17/2025

1,300,000

1,198,085

General

Mills,

Inc.,

4.20%,

4/17/2028

250,000

247,158

Kraft

Heinz

Foods

Co.

3.88%,

5/15/2027

940,000

915,752

3.75%,

4/1/2030

850,000

804,241

McCormick

&

Co.,

Inc.,

0.90%,

2/15/2026(c)

250,000

223,061

Post

Holdings,

Inc.,

5.50%,

12/15/2029(b)

970,000

899,552

4,287,849

Gas

Utilities

0.1%

Atmos

Energy

Corp.

3.00%,

6/15/2027

50,000

47,550

1.50%,

1/15/2031

100,000

80,713

National

Fuel

Gas

Co.

5.50%,

1/15/2026

740,000

743,281

2.95%,

3/1/2031

200,000

161,983

ONE

Gas,

Inc.,

4.25%,

9/1/2032

195,000

190,233

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/2029

100,000

94,586

1,318,346

Health

Care

Equipment

&

Supplies

0.2%

Edwards

Lifesciences

Corp.,

4.30%,

6/15/2028

850,000

835,132

GE

HealthCare

Technologies,

Inc.,

6.38%,

11/22/2052(b)

670,000

773,924

1,609,056

Health

Care

Providers

&

Services

2.1%

AmerisourceBergen

Corp.,

2.80%,

5/15/2030

100,000

87,860

Cardinal

Health,

Inc.,

3.75%,

9/15/2025

500,000

486,684

Centene

Corp.,

2.63%,

8/1/2031

800,000

655,165

Cigna

Corp.,

2.40%,

3/15/2030

4,575,000

3,952,489

CVS

Health

Corp.

3.88%,

7/20/2025

500,000

489,820

1.30%,

8/21/2027

1,300,000

1,127,629

1.88%,

2/28/2031

1,975,000

1,600,994

HCA,

Inc.

5.25%,

6/15/2026

500,000

500,585

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Health

Care

Providers

&

Services

4.13%,

6/15/2029

270,000

256,642

Humana,

Inc.,

3.70%,

3/23/2029

255,000

240,432

Laboratory

Corp.

of

America

Holdings,

1.55%,

6/1/2026

1,846,000

1,663,262

Tenet

Healthcare

Corp.,

6.25%,

2/1/2027(b)

500,000

490,220

UnitedHealth

Group,

Inc.

3.70%,

5/15/2027

140,000

137,666

5.30%,

2/15/2030

2,475,000

2,602,260

2.30%,

5/15/2031

1,970,000

1,694,650

5.35%,

2/15/2033

2,075,000

2,211,398

5.88%,

2/15/2053

775,000

887,375

19,085,131

Hotels,

Restaurants

&

Leisure

0.4%

Choice

Hotels

International,

Inc.,

3.70%,

12/1/2029

465,000

418,541

Marriott

International,

Inc.,

5.00%,

10/15/2027

170,000

171,567

Marriott

International,

Inc.,

Series

HH,

2.85%,

4/15/2031

925,000

787,287

McDonald's

Corp.,

3.50%,

7/1/2027

750,000

725,322

Royal

Caribbean

Cruises

Ltd.,

11.63%,

8/15/2027(b)

915,000

970,993

3,073,710

Household

Durables

0.0%

†

NVR,

Inc.,

3.00%,

5/15/2030

300,000

262,282

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Southern

Power

Co.,

4.15%,

12/1/2025

150,000

147,683

Insurance

1.1%

Aflac,

Inc.,

3.60%,

4/1/2030

167,000

158,725

Aon

Corp.,

2.80%,

5/15/2030

200,000

177,079

Assurant,

Inc.,

4.90%,

3/27/2028

2,530,000

2,493,966

Athene

Holding

Ltd.,

4.13%,

1/12/2028

225,000

214,410

Brown

&

Brown,

Inc.

4.50%,

3/15/2029

910,000

871,367

4.20%,

3/17/2032

280,000

256,056

Enstar

Group

Ltd.,

3.10%,

9/1/2031

745,000

575,586

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

3/15/2029

1,000,000

989,028

2.25%,

11/15/2030(c)

2,700,000

2,282,613

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Insurance

Progressive

Corp.

(The)

2.50%,

3/15/2027

860,000

803,154

3.00%,

3/15/2032

230,000

207,657

Trinity

Acquisition

plc,

4.40%,

3/15/2026

250,000

246,155

Willis

North

America,

Inc.

4.50%,

9/15/2028

250,000

243,429

2.95%,

9/15/2029

200,000

176,977

9,696,202

Interactive

Media

&

Services

0.2%

Meta

Platforms,

Inc.,

3.50%,

8/15/2027

810,000

777,862

Ziff

Davis,

Inc.,

4.63%,

10/15/2030(b)

900,000

797,454

1,575,316

Internet

&

Direct

Marketing

Retail

0.1%

Amazon.com,

Inc.,

3.10%,

5/12/2051

675,000

513,224

IT

Services

1.1%

Fidelity

National

Information

Services,

Inc.,

4.50%,

7/15/2025

45,000

44,539

Global

Payments,

Inc.,

5.30%,

8/15/2029

365,000

365,925

International

Business

Machines

Corp.

4.00%,

7/27/2025

4,080,000

4,028,789

4.15%,

7/27/2027

3,760,000

3,729,010

6.50%,

1/15/2028

1,350,000

1,475,473

Kyndryl

Holdings,

Inc.

2.05%,

10/15/2026

5,000

4,311

2.70%,

10/15/2028

40,000

32,188

9,680,235

Life

Sciences

Tools

&

Services

0.0%

†

Agilent

Technologies,

Inc.,

2.75%,

9/15/2029(c)

250,000

221,757

Machinery

0.3%

IDEX

Corp.,

2.63%,

6/15/2031

1,160,000

991,727

Westinghouse

Air

Brake

Technologies

Corp.,

3.20%,

6/15/2025

2,000,000

1,892,225

2,883,952

Media

0.3%

Comcast

Corp.,

3.15%,

3/1/2026

1,000,000

965,280

Directv

Financing

LLC,

5.88%,

8/15/2027(b)

1,400,000

1,268,127

Sirius

XM

Radio,

Inc.,

5.50%,

7/1/2029(b)

815,000

763,777

2,997,184

10

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.,

4.13%,

3/1/2028

115,000

109,056

Reliance

Steel

&

Aluminum

Co.

1.30%,

8/15/2025

2,100,000

1,923,865

2.15%,

8/15/2030

620,000

512,194

Steel

Dynamics,

Inc.,

3.45%,

4/15/2030

730,000

672,785

3,217,900

Multi-Utilities

0.1%

Ameren

Corp.,

3.50%,

1/15/2031

200,000

183,279

Berkshire

Hathaway

Energy

Co.,

3.25%,

4/15/2028

50,000

47,473

CenterPoint

Energy,

Inc.,

2.95%,

3/1/2030

100,000

88,689

Consumers

Energy

Co.,

3.80%,

11/15/2028

100,000

97,209

Dominion

Energy,

Inc.,

3.90%,

10/1/2025

100,000

98,044

Dominion

Energy,

Inc.,

Series

C,

3.38%,

4/1/2030

100,000

91,127

Sempra

Energy

3.25%,

6/15/2027(c)

100,000

94,505

3.70%,

4/1/2029

200,000

188,665

Southern

Co.

Gas

Capital

Corp.,

Series

20-A,

1.75%,

1/15/2031

100,000

80,414

WEC

Energy

Group,

Inc.,

5.15%,

10/1/2027

180,000

183,993

1,153,398

Oil,

Gas

&

Consumable

Fuels

3.1%

California

Resources

Corp.,

7.13%,

2/1/2026(b)

800,000

778,600

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/2027

4,270,000

4,302,160

Conoco

Funding

Co.,

7.25%,

10/15/2031

134,000

157,584

ConocoPhillips

Co.,

6.95%,

4/15/2029

1,981,000

2,243,175

CQP

Holdco

LP,

5.50%,

6/15/2031(b)

500,000

455,308

Devon

Energy

Corp.

5.88%,

6/15/2028

1,450,000

1,485,900

4.50%,

1/15/2030

389,000

376,062

Energy

Transfer

LP,

2.90%,

5/15/2025

800,000

763,219

EQT

Corp.

3.90%,

10/1/2027

870,000

825,351

5.00%,

1/15/2029

810,000

785,190

7.00%,

2/1/2030(e)

100,000

106,361

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Global

Partners

LP,

6.88%,

1/15/2029

900,000

849,330

Kinder

Morgan,

Inc.,

1.75%,

11/15/2026

1,400,000

1,255,897

MPLX

LP

1.75%,

3/1/2026

2,080,000

1,894,242

4.25%,

12/1/2027

1,000,000

972,122

4.80%,

2/15/2029

1,308,000

1,296,295

2.65%,

8/15/2030

600,000

511,624

Northwest

Pipeline

LLC,

4.00%,

4/1/2027

2,000,000

1,937,178

ONEOK,

Inc.

2.20%,

9/15/2025

1,000,000

929,416

4.00%,

7/13/2027

800,000

769,137

4.55%,

7/15/2028

1,460,000

1,426,586

Ovintiv

Exploration,

Inc.,

5.38%,

1/1/2026

40,000

40,245

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/2026

500,000

452,272

Targa

Resources

Corp.,

4.20%,

2/1/2033

220,000

199,375

Targa

Resources

Partners

LP

6.50%,

7/15/2027

106,000

108,501

5.00%,

1/15/2028

1,890,000

1,843,393

6.88%,

1/15/2029

500,000

513,495

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/2032(c)

1,000,000

975,604

28,253,622

Pharmaceuticals

0.5%

Merck

&

Co.,

Inc.,

1.90%,

12/10/2028

3,000,000

2,647,681

Utah

Acquisition

Sub,

Inc.,

3.95%,

6/15/2026

200,000

190,690

Zoetis,

Inc.

3.00%,

9/12/2027

450,000

424,602

3.90%,

8/20/2028

1,640,000

1,602,151

4,865,124

Real

Estate

Management

&

Development

0.1%

CBRE

Services,

Inc.,

4.88%,

3/1/2026

800,000

796,620

Semiconductors

&

Semiconductor

Equipment

0.8%

Analog

Devices,

Inc.

1.70%,

10/1/2028

130,000

113,192

2.10%,

10/1/2031

105,000

88,357

Broadcom

Corp.,

3.88%,

1/15/2027

1,000,000

963,544

Broadcom,

Inc.

3.15%,

11/15/2025

1,650,000

1,577,414

1.95%,

2/15/2028(b)

2,600,000

2,257,087

4.11%,

9/15/2028

580,000

559,338

Texas

Instruments,

Inc.,

3.65%,

8/16/2032

1,055,000

1,010,072

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

Xilinx,

Inc.,

2.38%,

6/1/2030

250,000

217,357

6,786,361

Software

0.8%

Adobe,

Inc.,

2.30%,

2/1/2030

250,000

220,713

Fortinet,

Inc.,

1.00%,

3/15/2026

2,100,000

1,869,230

Intuit,

Inc.,

1.65%,

7/15/2030

54,000

44,696

Oracle

Corp.

2.50%,

4/1/2025

450,000

429,055

1.65%,

3/25/2026

1,250,000

1,140,001

2.30%,

3/25/2028

600,000

535,826

6.90%,

11/9/2052

2,125,000

2,458,077

ServiceNow,

Inc.,

1.40%,

9/1/2030

575,000

454,448

VMware,

Inc.,

4.70%,

5/15/2030

35,000

33,934

7,185,980

Specialty

Retail

0.8%

Home

Depot,

Inc.

(The)

2.70%,

4/15/2025(c)

200,000

192,780

2.88%,

4/15/2027

90,000

85,407

Lowe's

Cos.,

Inc.

3.35%,

4/1/2027

245,000

234,611

1.70%,

9/15/2028

6,100,000

5,258,223

1.70%,

10/15/2030(c)

925,000

752,408

2.63%,

4/1/2031

1,305,000

1,121,659

7,645,088

Technology

Hardware,

Storage

&

Peripherals

0.4%

Apple,

Inc.

1.40%,

8/5/2028

160,000

138,744

3.35%,

8/8/2032

210,000

196,226

Dell

International

LLC,

6.10%,

7/15/2027

370,000

387,766

HP,

Inc.

1.45%,

6/17/2026

1,592,000

1,420,483

3.00%,

6/17/2027

35,000

32,550

4.00%,

4/15/2029

979,000

924,526

NetApp,

Inc.,

1.88%,

6/22/2025

75,000

69,774

3,170,069

Thrifts

&

Mortgage

Finance

0.2%

Nationstar

Mortgage

Holdings,

Inc.,

5.75%,

11/15/2031(b)

1,711,000

1,377,355

Tobacco

0.5%

Altria

Group,

Inc.

2.35%,

5/6/2025

300,000

284,912

4.80%,

2/14/2029

927,000

916,948

Philip

Morris

International,

Inc.

1.50%,

5/1/2025

2,000,000

1,871,262

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Tobacco

0.88%,

5/1/2026

2,050,000

1,827,888

4,901,010

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.,

2.20%,

1/15/2027

165,000

147,941

Aircastle

Ltd.,

4.25%,

6/15/2026

75,000

72,303

Boise

Cascade

Co.,

4.88%,

7/1/2030(b)

500,000

449,651

669,895

Water

Utilities

0.0%

†

American

Water

Capital

Corp.,

2.95%,

9/1/2027

100,000

94,113

Essential

Utilities,

Inc.,

2.70%,

4/15/2030

50,000

43,408

137,521

Wireless

Telecommunication

Services

0.4%

T-Mobile

USA,

Inc.

3.50%,

4/15/2025

1,500,000

1,456,567

2.88%,

2/15/2031

1,014,000

866,883

3.50%,

4/15/2031

971,000

868,899

3,192,349

299,200,963

Total

Corporate

Bonds

(cost

$367,982,508)

358,836,730

Municipal

Bonds

0.0%

CALIFORNIA

0.0%

†

Los

Angeles

Community

College

DistrictGO,

1.81%,

8/1/2030

200,000

169,786

University

of

CaliforniaRB,

1.61%,

5/15/2030

200,000

165,987

335,773

FLORIDA

0.0%

†

State

Board

of

Administration

Finance

Corp.RB,

Series

A,2.15%,

7/1/2030

75,000

62,904

MASSACHUSETTS

0.0%

†

Commonwealth

of

100,000

103,023

Total

Municipal

Bonds

(cost

$584,664)

501,700

Mortgage-Backed

Securities

37.1%

FHLMC

UMBS

Pool

Pool#

QB2929

2.00%,

9/1/2050

176,858

149,470

Pool#

QB4050

12

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

(continued)

2.00%,

10/1/2050

923,389

780,322

Pool#

QB3891

2.00%,

10/1/2050

125,374

105,959

Pool#

RA3986

2.50%,

11/1/2050

1,538,725

1,357,118

Pool#

SD1384

2.50%,

11/1/2050

370,467

330,107

Pool#

SD8129

2.50%,

2/1/2051

3,779,998

3,340,384

Pool#

SD7536

2.50%,

2/1/2051

1,560,473

1,392,528

Pool#

SD8145

1.50%,

5/1/2051

4,717,194

3,775,403

Pool#

QC5798

2.00%,

8/1/2051

638,124

538,312

Pool#

QD0652

2.00%,

11/1/2051

399,238

336,305

Pool#

SD8188

2.00%,

1/1/2052

746,220

627,550

Pool#

QD5182

2.00%,

1/1/2052

707,217

595,731

Pool#

QD5274

2.00%,

1/1/2052

74,992

63,274

Pool#

RA7467

2.00%,

2/1/2052

99,803

84,054

Pool#

SD8199

2.00%,

3/1/2052

1,078,221

907,379

Pool#

SD8211

2.00%,

5/1/2052

1,995,107

1,679,665

Pool#

SD8240

2.00%,

7/1/2052

399,185

335,855

Pool#

QE6096

2.00%,

7/1/2052

31,714

26,675

Pool#

SD7555

3.00%,

8/1/2052

3,972,818

3,669,609

Pool#

SD1501

4.00%,

8/1/2052

1,213,614

1,172,879

Pool#

RA8029

2.00%,

9/1/2052

1,126,551

947,729

Pool#

RA7920

4.00%,

9/1/2052

1,565,086

1,512,153

Pool#

RA8213

6.00%,

11/1/2052

1,551,307

1,619,705

Pool#

RA8214

6.00%,

11/1/2052

1,037,393

1,080,278

Pool#

SD2056

6.00%,

12/1/2052

992,492

1,035,073

Pool#

SD2038

6.00%,

12/1/2052

876,268

911,014

Pool#

RA8419

6.00%,

1/1/2053

1,995,215

2,070,997

Pool#

RA8418

6.00%,

1/1/2053

1,990,933

2,073,245

Pool#

RA8417

6.00%,

1/1/2053

1,003,253

1,047,490

FNMA

UMBS

Pool

Pool#

BM5108

3.00%,

2/1/2033

1,126,637

1,091,607

Pool#

MA4106

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

(continued)

1.50%,

7/1/2035

878,337

778,534

Pool#

CA9152

2.50%,

2/1/2036

2,414,448

2,260,359

Pool#

BT2234

2.00%,

4/1/2037

4,695,042

4,266,276

Pool#

CB3758

2.00%,

5/1/2037

2,606,624

2,375,064

Pool#

MA4685

1.50%,

6/1/2037

3,024,381

2,680,433

Pool#

FS0146

3.50%,

9/1/2043

1,665,291

1,607,433

Pool#

BE3774

4.00%,

7/1/2047

969,827

955,423

Pool#

BM2007

4.00%,

9/1/2048

260,477

255,413

Pool#

CA2471

4.00%,

10/1/2048

931,787

913,671

Pool#

MA3692

3.50%,

7/1/2049

3,129,863

2,979,209

Pool#

FM2363

3.00%,

1/1/2050

867,042

805,906

Pool#

CA6032

2.50%,

6/1/2050

2,443,471

2,175,079

Pool#

CA6020

3.00%,

6/1/2050

1,928,735

1,766,448

Pool#

MA4158

2.00%,

10/1/2050

231,520

196,130

Pool#

CA7404

4.00%,

10/1/2050

4,279,798

4,180,700

Pool#

MA4210

2.50%,

12/1/2050

503,855

446,226

Pool#

CA9190

2.00%,

2/1/2051

2,975,756

2,513,466

Pool#

FS2772

2.50%,

2/1/2051

156,595

139,687

Pool#

FM6554

2.00%,

3/1/2051

1,275,400

1,077,055

Pool#

BR6352

2.50%,

3/1/2051

714,080

636,875

Pool#

FM6834

2.00%,

4/1/2051

588,295

496,804

Pool#

BR7647

2.00%,

4/1/2051

76,473

64,524

Pool#

MA4325

2.00%,

5/1/2051

9,750,201

8,230,326

Pool#

FM8057

3.00%,

7/1/2051

4,195,395

3,867,245

Pool#

MA4398

2.00%,

8/1/2051

7,172,214

6,046,094

Pool#

MA4400

3.00%,

8/1/2051

3,889,813

3,547,175

Pool#

FM8779

2.50%,

9/1/2051

906,268

807,209

Pool#

MA4437

2.00%,

10/1/2051

1,058,295

890,328

Pool#

FM8997

2.50%,

10/1/2051

8,974,025

7,879,899

Pool#

CB1805

2.50%,

10/1/2051

3,607,343

3,217,622

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

(continued)

Pool#

FM9450

2.00%,

11/1/2051

166,390

140,596

Pool#

CB2045

2.50%,

11/1/2051

2,102,485

1,873,593

Pool#

FM9492

2.50%,

11/1/2051

1,624,137

1,445,959

Pool#

BQ6858

2.00%,

12/1/2051

278,507

234,661

Pool#

FM9578

2.00%,

12/1/2051

31,779

26,784

Pool#

FM9783

2.00%,

12/1/2051

31,722

26,736

Pool#

BV0465

2.00%,

1/1/2052

899,156

756,994

Pool#

BV3083

2.00%,

2/1/2052

1,258,308

1,059,752

Pool#

BU7272

2.00%,

2/1/2052

1,149,113

967,611

Pool#

BU1302

2.00%,

2/1/2052

96,923

81,644

Pool#

CB2809

2.50%,

2/1/2052

3,206,950

2,811,112

Pool#

BV3101

2.00%,

3/1/2052

2,987,642

2,514,355

Pool#

CB3156

2.00%,

3/1/2052

1,815,760

1,528,981

Pool#

BV4122

2.00%,

3/1/2052

1,727,592

1,454,732

Pool#

BT2296

2.00%,

3/1/2052

526,347

443,374

Pool#

CB3159

2.50%,

3/1/2052

8,294,290

7,274,070

Pool#

BV7769

2.00%,

4/1/2052

613,160

515,838

Pool#

MA4578

2.50%,

4/1/2052

2,947,801

2,583,177

Pool#

CB3368

3.00%,

4/1/2052

1,894,420

1,724,159

Pool#

BT2353

2.00%,

5/1/2052

1,248,908

1,052,040

Pool#

FS2530

2.00%,

6/1/2052

321,214

270,304

Pool#

CB3769

3.50%,

6/1/2052

1,371,699

1,287,054

Pool#

CB3915

4.50%,

6/1/2052

2,036,254

2,011,183

Pool#

BV7823

2.00%,

7/1/2052

997,763

840,159

Pool#

MA4750

2.00%,

7/1/2052

347,244

292,238

Pool#

CB5087

5.50%,

11/1/2052

13,851,670

14,262,651

Pool#

FS3440

6.00%,

12/1/2052

1,980,918

2,068,262

Pool#

CB5306

6.00%,

12/1/2052

1,399,589

1,457,452

Pool#

FS3441

6.00%,

12/1/2052

1,109,502

1,152,659

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

2/25/2053

1,000,000

875,498

3.00%,

2/25/2053

4,000,000

3,633,125

3.50%,

2/25/2053

41,000,000

38,447,851

4.00%,

2/25/2053

18,000,000

17,381,250

5.00%,

2/25/2053

9,000,000

9,033,047

6.50%,

2/25/2053

8,000,000

8,276,875

GNMA

TBA

3.00%,

2/15/2053

2,000,000

1,837,188

3.50%,

2/15/2053

2,000,000

1,890,896

4.00%,

2/15/2053

3,000,000

2,912,344

4.50%,

2/15/2053

22,000,000

21,841,875

5.50%,

2/15/2053

15,000,000

15,242,578

GNMA

II

Pool

Pool#

MA0317

3.00%,

8/20/2042

455,464

428,550

Pool#

AC0071

3.50%,

10/20/2042

659,335

621,214

Pool#

MA2600

3.00%,

2/20/2045

491,376

462,338

Pool#

MA2825

3.00%,

5/20/2045

359,272

338,038

Pool#

MA4509

3.00%,

6/20/2047

461,931

430,198

Pool#

MA4718

3.00%,

9/20/2047

425,289

395,525

Pool#

MA4719

3.50%,

9/20/2047

1,672,809

1,608,412

Pool#

MA6409

3.00%,

1/20/2050

179,770

166,649

Pool#

MA6541

3.00%,

3/20/2050

2,737,315

2,536,882

Pool#

MA6710

3.00%,

6/20/2050

985,416

915,424

Pool#

MA7535

3.00%,

8/20/2051

1,036,443

956,939

Pool#

MA7705

2.50%,

11/20/2051

3,984,439

3,554,774

Pool#

MA7707

3.50%,

11/20/2051

2,787,274

2,638,479

Pool#

MA7766

2.00%,

12/20/2051

21,417,276

18,508,071

Pool#

MA7767

2.50%,

12/20/2051

11,263,321

10,047,759

Pool#

MA7768

3.00%,

12/20/2051

2,821,020

2,599,958

Pool#

MA7881

2.50%,

2/20/2052

6,213,624

5,541,493

Pool#

MA7882

3.00%,

2/20/2052

3,222,528

2,968,337

Pool#

MA8150

4.00%,

7/20/2052

502,336

487,654

Pool#

MA8197

2.50%,

8/20/2052

485,032

432,563

Pool#

MA8198

3.00%,

8/20/2052

2,434,442

2,236,916

Pool#

MA8201

14

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

(continued)

4.50%,

8/20/2052

273,399

271,483

Total

Mortgage-Backed

Securities

(cost

$347,006,608)

334,392,796

Foreign

Government

Securities

0.9%

CANADA

0.0%

†

Province

of

Alberta,

1.30%,

7/22/2030

60,000

49,587

Province

of

British

Columbia,

1.30%,

1/29/2031

25,000

20,600

Province

of

Ontario

0.63%,

1/21/2026

50,000

45,067

2.30%,

6/15/2026

45,000

42,418

1.05%,

5/21/2027

25,000

22,077

2.00%,

10/2/2029

25,000

22,115

1.13%,

10/7/2030

40,000

32,553

Province

of

Quebec

0.60%,

7/23/2025

50,000

45,796

2.50%,

4/20/2026

50,000

47,606

2.75%,

4/12/2027

25,000

23,799

351,618

CHILE

0.1%

Republic

of

Chile,

3.25%,

9/21/2071

860,000

561,021

INDONESIA

0.3%

Republic

of

Indonesia

Reg.

S,

3.85%,

7/18/2027

2,010,000

1,951,730

3.35%,

3/12/2071

1,450,000

1,011,696

2,963,426

MEXICO

0.3%

United

Mexican

States

3.50%,

2/12/2034

1,470,000

1,235,331

3.75%,

4/19/2071

2,330,000

1,561,397

2,796,728

PANAMA

0.1%

Republic

of

Panama,

3.87%,

7/23/2060

900,000

601,637

PERU

0.1%

Republic

of

Peru,

3.23%,

7/28/2121

1,040,000

625,136

Total

Foreign

Government

Securities

(cost

$7,306,706)

7,899,566

Supranational

0.2%

Asian

Development

Bank,

0.63%,

4/29/2025

1,000,000

923,890

European

Investment

Bank,

1.63%,

3/14/2025

1,000,000

947,859

Total

Supranational

(cost

$2,019,366)

1,871,749

U.S.

Treasury

Obligations

24.4%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

5.00%,

5/15/2037

1,000,000

1,165,664

1.88%,

2/15/2041

24,900,000

18,716,824

2.00%,

11/15/2041

40,000,000

30,396,875

3.38%,

8/15/2042

12,050,000

11,392,898

2.75%,

11/15/2042

6,500,000

5,556,231

3.00%,

5/15/2045

11,000,000

9,684,727

2.50%,

5/15/2046

2,000,000

1,606,328

2.25%,

8/15/2046

8,000,000

6,108,438

3.00%,

2/15/2047

2,934,700

2,582,077

3.00%,

2/15/2048

15,500,000

13,650,898

1.63%,

11/15/2050

7,000,000

4,527,578

2.25%,

2/15/2052

4,500,000

3,380,977

2.88%,

5/15/2052

2,500,000

2,154,297

3.00%,

8/15/2052

24,800,000

21,944,125

U.S.

Treasury

Notes

3.88%,

9/30/2029

16,400,000

16,680,594

0.63%,

8/15/2030

8,690,000

7,075,222

1.63%,

5/15/2031

31,000,000

26,971,211

1.38%,

11/15/2031

25,000,000

21,077,148

2.88%,

5/15/2032

2,800,000

2,666,563

2.75%,

8/15/2032

13,150,000

12,373,328

Total

U.S.

Treasury

Obligations

(cost

$244,103,783)

219,712,003

Repurchase

Agreement

0.2%

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$1,595,940,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,627,859.

(f)

1,595,750

1,595,750

Total

Repurchase

Agreement

(cost

$1,595,750)

1,595,750

Total

Investments

Before

TBA

Sale

Commitments

(cost

$1,028,559,314)

—

108.9%

981,835,695

TBA

Sale

Commitments

  (3.8)%

Mortgage-Backed

Security

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

2/25/2053

(17,000,000)

(14,287,969)

4.50%,

2/25/2053

(2,000,000)

(1,975,000)

5.50%,

2/25/2053

(8,000,000)

(8,129,375)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

3/25/2053

(4,000,000)

(4,102,812)

GNMA

TBA

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

TBA

Sale

Commitments

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

(continued)

2.50%,

2/15/2053

(6,000,000)

(5,347,675)

Total

TBA

Sale

Commitment

(cost

$(33,748,711))

(33,842,831)

Total

Investments

(cost

$994,810,603)

—

105.1%

947,992,864

Liabilities

in

excess

of

other

assets

—

(5.1)%

(46,194,200)

NET

ASSETS

—

100.0%

$

901,798,664

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$66,017,435

which

represents

7.32%

of

net

assets.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$21,378,699,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,595,750

and

by

$20,398,783

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

2/28/2023

–

11/15/2052,

a

total

value

of

$21,994,533.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$1,595,750.

ACES

Alternative

Credit

Enhancement

Services

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

January

31,

2023

1

:

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

Investment

Grade

Index

Series

38-V1

1.00

Quarterly

6/20/2027

0.64

USD

45,400,000

290,906

416,980

707,886

Total

unrealized

depreciation

290,906

416,980

707,886

As

of

January

31,

2023,

the

Fund

had

$615,554

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

seller

of

credit

protection,

receives

periodic

payments

and

any

upfront

premium

from

the

protection

buyer,

and

the

Fund

is

obligated

to

make

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

January

31,

2023

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SOFR

annually

2.50%

annually

Pay

6/4/2029

USD

4,230,000

(75,943)

48,777

(27,166)

1

Day

SOFR

annually

2.72%

annually

Pay

8/11/2037

USD

11,370,000

(330,380)

136,203

(194,177)

1

Day

SOFR

annually

2.73%

annually

Pay

6/4/2033

USD

7,500,000

(101,770)

60,204

(41,566)

1

Day

SOFR

annually

2.91%

annually

Pay

7/28/2037

USD

3,960,000

(95,055)

53,135

(41,920)

Total

unrealized

appreciation

(603,148)

298,319

(304,829)

1

Day

SOFR

annually

2.08%

annually

Pay

7/28/2047

USD

3,120,000

39,436

(1,033)

38,403

1

Day

SOFR

annually

2.17%

annually

Pay

8/11/2052

USD

5,110,000

208,384

(12,151)

196,233

1

Day

SOFR

annually

2.57%

annually

Pay

6/4/2031

USD

11,530,000

177,135

(105,414)

71,721

1

Day

SOFR

annually

2.68%

annually

Pay

7/28/2032

USD

1,560,000

51,628

(34,106)

17,522

Total

unrealized

depreciation

476,583

(152,704)

323,879

Net

unrealized

appreciation

(126,565)

145,615

19,050

–

–

–

Abbreviation

:

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

Dollar

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

366

3/2023

USD

75,267,328

295,643

U.S.

Treasury

10

Year

Ultra

Note

32

3/2023

USD

3,878,500

4,797

Total

long

contracts

300,440

Short

Contracts

U.S.

Treasury

5

Year

Note

(45)

3/2023

USD

(4,915,898)

1,721

U.S.

Treasury

10

Year

Note

(227)

3/2023

USD

(25,995,047)

53,388

U.S.

Treasury

Long

Bond

(435)

3/2023

USD

(56,495,625)

(1,128,428)

U.S.

Treasury

Ultra

Bond

(36)

3/2023

USD

(5,103,000)

(19,519)

Total

short

contracts

(1,092,838)

Net

contracts

(792,398)

As

of

January

31,

2023,

the

Fund

had

$21,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

18

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

35,606,912

$

–

$

35,606,912

Collateralized

Mortgage

Obligation

–

72,157

–

72,157

Commercial

Mortgage-Backed

Securities

–

21,346,332

–

21,346,332

Corporate

Bonds

–

358,836,730

–

358,836,730

Credit

Default

Swaps†

–

416,980

–

416,980

Foreign

Government

Securities

–

7,899,566

–

7,899,566

Futures

Contracts

355,549

–

–

355,549

Interest

Rate

Swaps†

–

298,319

–

298,319

Mortgage-Backed

Securities

–

334,392,796

–

334,392,796

Municipal

Bonds

–

501,700

–

501,700

Repurchase

Agreement

–

1,595,750

–

1,595,750

Supranational

–

1,871,749

–

1,871,749

U.S.

Treasury

Obligations

–

219,712,003

–

219,712,003

Total

Assets

$

355,549

$

982,550,994

$

–

$

982,906,543

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,147,947)

$

–

$

–

$

(1,147,947)

Interest

Rate

Swaps†

–

(152,704)

–

(152,704)

TBA

Sale

Commitments

$

–

$

(33,842,831)

$

–

$

(33,842,831)

Total

Liabilities

$

(1,147,947)

$

(33,995,535)

$

–

$

(35,143,482)

Total

$

(792,398)

$

948,555,459

$

–

$

947,763,061

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

20

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

Interest

Rate

Swap

Contracts

—

The

Fund

entered

into

interest

rate

swap

contracts

to

hedge

against

investment

risks,

to

manage

portfolio

duration,

to

obtain

exposure

to

the

investment

characteristics

of

certain

bonds

or

groups

of

bonds,

and/or

to

otherwise

increase

returns,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Interest

rate

swap

contracts

are

swaps

contracts

in

which

the

parties

exchange

their

rights

to

receive

payments

on

a

security

or

other

reference

rate.

For

example,

the

parties

might

swap

the

right

to

receive

floating

rate

payments

for

the

right

to

receive

fixed

rate

payments.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

interest

rate

swap

contract.

Interest

rate

swap

contracts

are

valued

daily

and

unrealized

appreciation

(depreciation)

is

recorded.

Certain

interest

rate

swap

contracts

may

accrue

periodic

interest

on

a

daily

basis

as

a

component

of

unrealized

appreciation

(depreciation);

the

Fund

will

realize

a

gain

or

loss

upon

the

payment

or

receipt

of

accrued

interest.

The

Fund

will

realize

a

gain

or

a

loss

when

the

interest

rate

swap

is

terminated.

The

use

of

interest

rate

swap

contracts

involves

the

risk

that

the

investment

adviser

will

not

accurately

predict

anticipated

changes

in

interest

rates,

which

may

result

in

losses

to

the

Fund.

Interest

rate

swap

contracts

also

involve

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreement.

If

a

counterparty

defaults

on

its

obligations

under

a

swap

agreement,

the

Fund

may

lose

any

amount

it

expected

to

receive

from

the

counterparty,

potentially

including

amounts

in

excess

of

the

Fund’s

initial

investment.

Interest

rate

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

Interest

rate

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

Nationwide

Bond

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

416,980

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

298,319

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

355,549

Total

$

1,070,848

22

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Portfolio

Liabilities:

Fair

Value

Swap

Contracts†

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

(152,704)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,147,947)

Total

$

(1,300,651)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Asset-Backed

Securities

4.9%

Principal

Amount

($)

Value

($)

Automobiles

0.5%

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2021-1A,

Class

A,

1.38%,

8/20/2027(a)

2,190,000

1,943,609

Series

2021-2A,

Class

A,

1.66%,

2/20/2028(a)

5,000,000

4,419,713

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2020-2,

Class

A,

1.06%,

9/15/2027

2,940,000

2,686,250

Series

2018-4,

Class

A,

4.06%,

11/15/2030

1,150,000

1,117,705

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2019-4,

Class

A,

2.44%,

9/15/2026

2,400,000

2,310,056

GM

Financial

Revolving

Receivables

Trust,

Series

2021-1,

Class

A,

1.17%,

6/12/2034(a)

6,500,000

5,774,189

Hertz

Vehicle

Financing

III

LP

Series

2021-2A,

Class

A,

1.68%,

12/27/2027(a)

4,250,000

3,758,861

Series

2021-2A,

Class

B,

2.12%,

12/27/2027(a)

2,060,000

1,811,611

23,821,994

Consumer

Finance

0.2%

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-1,

Class

A2A,

5.19%,

3/16/2026

4,340,000

4,345,617

Series

2022-4,

Class

A3,

4.82%,

8/16/2027

7,660,000

7,713,870

12,059,487

Diversified

Financial

Services

0.5%

BA

Credit

Card

Trust,

Series

2020-A1,

Class

A1,

0.34%,

5/15/2026

4,630,000

4,452,316

CarVal

CLO

VII-C

Ltd.,

Series

2023-1A,

Class

A1,

0.00%,

1/20/2035(a)(b)

2,460,000

2,460,000

Ford

Credit

Auto

Owner

Trust,

Series

2020-1,

Class

A,

2.04%,

8/15/2031(a)

8,500,000

8,042,144

Sycamore

Tree

CLO

Ltd.,

Series

2023-2A,

Class

A,

0.00%,

4/20/2035(a)(b)

2,480,000

2,467,600

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2019-

1A,

Class

A,

2.56%,

11/25/2031(a)

7,780,000

7,533,137

24,955,197

Equipment

Loans

&

Leases

0.1%

CLI

Funding

VIII

LLC,

Series

2022-1A,

Class

A,

2.72%,

1/18/2047(a)

3,144,560

2,780,422

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

Pawnee

Equipment

Receivables

LLC,

Series

2020-1,

Class

A,

1.37%,

11/17/2025(a)

219,115

216,624

2,997,046

Home

Equity

0.2%

Ameriquest

Mortgage

Securities,

Inc.

Asset-

Backed

Pass-Through

Certificates,

Series

2004-

R10,

Class

M6,

6.56%,

11/25/2034(b)

1,815,679

1,541,026

CIT

Mortgage

Loan

Trust,

Series

2007-1,

Class

1M2,

6.26%,

10/25/2037(a)(b)

5,000,000

4,360,911

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

1A1,

5.05%,

12/25/2034(b)

772,090

730,077

First

Franklin

Mortgage

Loan

Trust,

Series

2006-

FF15,

Class

A2,

4.63%,

11/25/2036(b)

868,086

803,689

GSAA

Home

Equity

Trust,

Series

2005-6,

Class

M4,

5.56%,

6/25/2035(b)

1,090,000

872,349

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2004-

HE8,

Class

M2,

5.53%,

9/25/2034(b)

945,729

906,616

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-2,

Class

A4,

5.07%,

2/25/2036(b)

563,611

551,388

RAAC

Trust,

Series

2005-

SP3,

Class

M2,

5.71%,

12/25/2035(b)

35,931

35,901

Saxon

Asset

Securities

Trust,

Series

2006-3,

Class

A4,

4.99%,

10/25/2046(b)

1,329,000

1,136,391

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A8,

5.71%,

8/25/2034(b)

891,666

862,209

11,800,557

Other

2.8%

ABPCI

Direct

Lending

Fund

CLO

X

LP,

Series

2020-

10A,

Class

A1A,

6.19%,

1/20/2032(a)(b)

2,840,000

2,809,010

ABPCI

Direct

Lending

Fund

IX

LLC,

Series

2020-9A,

Class

A1R,

6.21%,

11/18/2031(a)

(b)

3,000,000

2,949,987

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

6.19%,

1/19/2033(a)(b)

2,250,000

2,233,904

24

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

5.71%,

11/2/2030(a)(b)

592,000

588,291

AMMC

CLO

23

Ltd.,

Series

2020-23A,

Class

A1R,

5.83%,

10/17/2031(a)(b)

600,000

594,743

Apidos

CLO

XII,

Series

2013-

12A,

Class

AR,

5.87%,

4/15/2031(a)(b)

1,100,000

1,090,161

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL1,

Class

A,

5.73%,

1/15/2037(a)(b)

666,000

653,513

Bain

Capital

Credit

CLO,

Series

2020-1A,

Class

A1,

5.98%,

4/18/2033(a)(b)

2,250,000

2,228,879

Balboa

Bay

Loan

Funding

Ltd.,

Series

2020-1A,

Class

AR,

5.93%,

1/20/2032(a)(b)

5,000,000

4,944,515

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1BR,

5.88%,

11/20/2030(a)(b)

970,000

949,127

BCRED

MML

CLO

LLC,

Series

2021-1A,

Class

A,

6.27%,

1/15/2035(a)(b)

1,650,000

1,599,878

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

A,

2.44%,

7/15/2046(a)

1,263,719

1,071,668

Blackrock

Rainier

CLO

VI

Ltd.,

Series

2021-6A,

Class

A,

6.51%,

4/20/2033(a)(b)

5,000,000

4,889,840

BlueMountain

CLO

Ltd.,

Series

2015-3A,

Class

A1R,

5.81%,

4/20/2031(a)(b)

1,215,000

1,202,100

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

5.87%,

7/15/2031(a)(b)

3,000,000

2,968,542

Carlyle

Global

Market

Strategies

CLO

Ltd.

Series

2014-1A,

Class

A1R2,

5.76%,

4/17/2031(a)

(b)

1,450,590

1,437,292

Series

2014-3RA,

Class

A1A,

5.86%,

7/27/2031(a)

(b)

247,958

245,655

Series

2015-4A,

Class

A1R,

6.15%,

7/20/2032(a)(b)

1,100,000

1,086,614

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A2,

6.51%,

4/20/2029(a)(b)

3,050,000

3,002,612

CBAM

Ltd.,

Series

2017-

1A,

Class

A1,

6.06%,

7/20/2030(a)(b)

1,029,566

1,023,606

Cerberus

Loan

Funding

XXVIII

LP,

Series

2020-1A,

Class

A,

6.64%,

10/15/2031(a)(b)

274,462

272,400

CIFC

Funding

Ltd.,

Series

2014-4RA,

Class

A1AR,

5.96%,

1/17/2035(a)(b)

2,490,000

2,459,572

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

CQS

U.S.

CLO

Ltd.,

Series

2021-1A,

Class

A,

6.03%,

1/20/2035(a)(b)

7,000,000

6,844,677

Diamond

Resorts

Owner

Trust,

Series

2019-

1A,

Class

A,

2.89%,

2/20/2032(a)

803,629

787,610

Fortress

Credit

Bsl

X

Ltd.,

Series

2021-1A,

Class

A,

6.28%,

4/20/2033(a)(b)

3,000,000

2,965,722

Foundation

Finance

Trust,

Series

2021-1A,

Class

A,

1.27%,

5/15/2041(a)

1,053,465

950,414

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

A,

5.86%,

11/22/2031(a)(b)

450,000

446,069

Golub

Capital

Partners

CLO

25M

Ltd.,

Series

2015-

25A,

Class

AR,

5.91%,

5/5/2030(a)(b)

899,671

892,156

Golub

Capital

Partners

CLO

57M

Ltd.,

Series

2021-

57A,

Class

A1,

6.31%,

10/25/2034(a)(b)

5,530,000

5,371,665

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-4GS,

Class

A,

1.93%,

7/20/2048(a)

1,710,230

1,308,470

Great

Lakes

Kcap

F3c

Senior

LLC,

Series

2017-1A,

Class

A,

6.65%,

12/20/2029(a)(b)

1,603,747

1,593,872

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

5.47%,

7/15/2039(a)(b)

2,070,000

2,006,117

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

A1R,

5.98%,

1/27/2031(a)(b)

900,000

895,493

GREYWOLF

CLO

VI

Ltd.,

Series

2018-1A,

Class

A2,

6.56%,

4/26/2031(a)(b)

1,200,000

1,193,270

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

7.11%,

1/20/2030(a)(b)

2,110,000

2,063,500

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2017-2A,

Class

A2,

6.49%,

1/17/2030(a)(b)

750,000

731,585

Hildene

Community

Funding

CDO

Ltd.,

Series

2015-

1A,

Class

ARR,

2.60%,

11/1/2035(a)

2,260,000

1,906,830

KKR

CLO

20

Ltd.,

Series

20,

Class

A,

5.92%,

10/16/2030(a)(b)

1,100,000

1,090,400

KKR

CLO

Ltd.,

Series

21,

Class

A,

5.79%,

4/15/2031(a)(b)

250,000

246,974

Lunar

Structured

Aircraft

Portfolio

Notes,

Series

2021-1,

Class

A,

2.64%,

10/15/2046(a)

2,033,373

1,656,801

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A2R,

6.41%,

11/15/2031(a)(b)

3,400,000

3,284,016

MF1

Ltd.

Series

2021-FL7,

Class

A,

5.55%,

10/16/2036(a)(b)

2,080,000

2,024,084

Series

2022-FL8,

Class

A,

5.66%,

2/19/2037(a)(b)

4,570,000

4,436,595

Midocean

Credit

CLO

VIII,

Series

2018-8A,

Class

A1R,

5.73%,

2/20/2031(a)(b)

2,860,000

2,834,783

MKS

CLO

Ltd.,

Series

2017-2A,

Class

A,

6.00%,

1/20/2031(a)(b)

5,000,000

4,955,025

Myers

Park

CLO

Ltd.,

Series

2018-1A,

Class

B1,

6.41%,

10/20/2030(a)(b)

510,000

499,816

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.,

Series

2017-24A,

Class

AR,

5.82%,

4/19/2030(a)(b)

487,471

484,045

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

A1,

5.93%,

10/19/2031(a)(b)

283,333

281,647

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

5.85%,

4/16/2033(a)(b)

350,000

346,090

Newark

BSL

CLO

2

Ltd.,

Series

2017-1A,

Class

A1R,

5.79%,

7/25/2030(a)(b)

1,023,441

1,014,049

Octagon

Investment

Partners

35

Ltd.,

Series

2018-

1A,

Class

A1A,

5.87%,

1/20/2031(a)(b)

1,770,000

1,759,656

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-

1A,

Class

AAR3,

5.65%,

2/14/2031(a)(b)

1,170,000

1,156,016

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

5.73%,

5/23/2031(a)(b)

500,000

496,237

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

6.48%,

5/20/2031(a)(b)

1,810,000

1,793,811

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

5.80%,

11/14/2034(a)(b)

1,500,000

1,482,275

Parliament

Funding

II

Ltd.,

Series

2020-1A,

Class

AR,

6.06%,

10/20/2031(a)(b)

3,102,559

3,052,598

Rad

CLO

15

Ltd.,

Series

2021-15A,

Class

A,

5.90%,

1/20/2034(a)(b)

4,590,000

4,526,126

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2020-2A,

Class

A,

1.33%,

7/20/2037(a)

511,150

483,053

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Stonepeak

ABS,

Series

2021-1A,

Class

AA,

2.30%,

2/28/2033(a)

1,798,958

1,619,369

Stratus

CLO

Ltd.,

Series

2021-3A,

Class

A,

5.76%,

12/29/2029(a)(b)

8,081,231

8,011,538

Stratus

Static

CLO

Ltd.,

Series

2022-3A,

Class

A,

6.35%,

10/20/2031(a)(b)

2,750,000

2,749,821

STWD

Ltd.

Series

2019-FL1,

Class

A,

5.68%,

7/15/2038(a)(b)

724,379

693,811

Series

2022-FL3,

Class

E,

7.53%,

11/15/2038(a)(b)

1,880,000

1,743,714

Sunnova

Helios

II

Issuer

LLC,

Series

2018-1A,

Class

A,

4.87%,

7/20/2048(a)

2,101,910

1,910,812

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

5.87%,

1/17/2032(a)

(b)

350,000

345,131

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR3,

5.73%,

1/17/2032(a)(b)

3,458,529

3,409,103

Voya

CLO

Ltd.

Series

2018-2A,

Class

A1,

5.79%,

7/15/2031(a)(b)

1,155,000

1,145,470

Series

2018-3A,

Class

A1A,

5.94%,

10/15/2031(a)(b)

940,000

934,341

Series

2018-4A,

Class

A1AR,

5.83%,

1/15/2032(a)

(b)

825,000

816,856

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

5.89%,

7/15/2034(a)(b)

2,000,000

1,973,788

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

ANAR,

5.95%,

7/24/2032(a)(b)

2,440,000

2,415,934

Whitebox

CLO

II

Ltd.,

Series

2020-2A,

Class

A1R,

6.04%,

10/24/2034(a)(b)

2,260,000

2,234,973

138,168,117

Student

Loan

0.6%

AccessLex

Institute,

Series

2007-A,

Class

A3,

5.06%,

5/25/2036(b)

1,974,895

1,917,920

Commonbond

Student

Loan

Trust,

Series

2021-

AGS,

Class

A,

1.20%,

3/25/2052(a)

1,342,533

1,106,509

ECMC

Group

Student

Loan

Trust,

Series

2020-

2A,

Class

A,

5.66%,

11/25/2069(a)(b)

1,345,030

1,309,867

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA,

Class

B,

4.22%,

6/16/2042(a)

3,360,000

3,136,335

Series

2020-CA,

Class

A2A,

2.15%,

11/15/2068(a)

2,701,930

2,478,592

26

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

1,124,666

1,006,125

Navient

Student

Loan

Trust,

Series

2021-1A,

Class

A1B,

5.11%,

12/26/2069(a)(b)

1,983,145

1,927,470

SLM

Student

Loan

Trust

Series

2005-7,

Class

A4,

4.97%,

10/25/2029(b)

100,319

99,678

Series

2003-10A,

Class

A4,

5.44%,

12/17/2068(a)(b)

1,185,391

1,165,864

SMB

Private

Education

Loan

Trust

Series

2017-A,

Class

B,

3.50%,

6/17/2041(a)

1,000,000

931,591

Series

2021-B,

Class

A,

1.31%,

7/17/2051(a)

1,051,992

941,593

Series

2021-A,

Class

APT2,

1.07%,

1/15/2053(a)

1,256,402

1,098,373

Series

2021-A,

Class

A2B,

1.59%,

1/15/2053(a)

1,789,245

1,580,945

Series

2021-A,

Class

A2A1,

5.18%,

1/15/2053(a)(b)

1,687,967

1,636,678

Series

2021-C,

Class

A2,

5.25%,

1/15/2053(a)(b)

7,652,059

7,452,706

SoFi

Professional

Loan

Program

Trust,

Series

2020-C,

Class

AFX,

1.95%,

2/15/2046(a)

1,039,142

940,838

28,731,084

Total

Asset-Backed

Securities

(cost

$251,579,595)

242,533,482

Closed

End

Fund

0.0%

†

Real

Estate

Fund

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

210

2,749

Total

Closed

End

Fund

(cost

$2,693)

2,749

Collateralized

Mortgage

Obligations

1.8%

Angel

Oak

Mortgage

Trust,

Series

2021-7,

Class

A3,

2.34%,

10/25/2066(a)(b)

3,520,472

2,914,560

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

5.56%,

1/16/2037(a)(b)

2,079,450

2,006,187

Connecticut

Avenue

Securities

Trust

Series

2019-R07,

Class

1M2,

6.61%,

10/25/2039(a)

(b)

43,922

43,922

Series

2021-R03,

Class

1M2,

5.96%,

12/25/2041(a)

(b)

4,650,000

4,470,355

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2022-R04,

Class

1M2,

7.41%,

3/25/2042(a)

(b)

3,840,000

3,854,292

CSMC

Trust

Series

2015-12R,

Class

2A1,

3.28%,

11/30/2037(a)

(b)

35,505

35,459

Series

2021-AFC1,

Class

A1,

0.83%,

3/25/2056(a)(b)

330,027

264,465

Series

2021-AFC1,

Class

A3,

1.17%,

3/25/2056(a)(b)

330,027

234,928

Series

2020-RPL4,

Class

A1,

2.00%,

1/25/2060(a)(b)

3,282,973

2,913,751

Series

2021-RPL3,

Class

A1,

2.00%,

1/25/2060(a)(b)

1,222,054

1,072,553

Series

2021-NQM6,

Class

A3,

1.59%,

7/25/2066(a)(b)

1,558,514

1,242,711

Series

2021-NQM8,

Class

A1,

1.84%,

10/25/2066(a)(b)

2,366,958

2,072,393

Series

2022-7R,

Class

1A1,

5.53%,

10/25/2066(a)(b)

2,419,401

2,410,042

Deephaven

Residential

Mortgage

Trust,

Series

2020-2,

Class

A2,

2.59%,

5/25/2065(a)

1,397,980

1,382,417

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

1A1B,

4.61%,

4/19/2047(b)

902,946

731,922

Ellington

Financial

Mortgage

Trust,

Series

2021-2,

Class

A1,

0.93%,

6/25/2066(a)(b)

1,422,465

1,165,156

FHLMC

STACR

REMIC

Trust

Series

2021-DNA3,

Class

M2,

6.41%,

10/25/2033(a)

(b)

3,153,000

3,136,258

Series

2021-DNA5,

Class

M2,

5.96%,

1/25/2034(a)(b)

786,761

778,426

Series

2021-DNA6,

Class

M2,

5.81%,

10/25/2041(a)

(b)

2,090,000

2,001,274

Series

2021-DNA7,

Class

M2,

6.11%,

11/25/2041(a)

(b)

4,540,000

4,372,610

Series

2022-DNA3,

Class

M1B,

7.21%,

4/25/2042(a)

(b)

960,000

963,137

FNMA

Series

2014-C02,

Class

1M2,

7.11%,

5/25/2024(b)

758,886

771,015

Series

2014-C02,

Class

2M2,

7.11%,

5/25/2024(b)

305,791

309,614

Series

2014-C03,

Class

1M2,

7.51%,

7/25/2024(b)

447,190

457,399

FNMA

REMICS

Series

2015-65,

Class

CZ,

3.50%,

9/25/2045

907,130

810,303

Series

2020-56,

Class

AQ,

2.00%,

8/25/2050

2,900,000

2,351,546

GSMSC

Resecuritization

Trust,

Series

2015-

7R,

Class

A,

4.52%,

9/26/2037(a)(b)

282,827

280,577

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Legacy

Mortgage

Asset

Trust

Series

2020-RPL1,

Class

A1,

3.00%,

9/25/2059(a)(b)

1,398,492

1,318,452

Series

2020-GS2,

Class

A1,

2.75%,

3/25/2060(a)(c)

1,146,120

1,141,062

Series

2021-GS2,

Class

A1,

1.75%,

4/25/2061(a)(c)

433,530

408,126

Series

2021-GS5,

Class

A1,

2.25%,

7/25/2067(a)(c)

4,668,520

4,268,506

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS2,

Class

A1,

2.75%,

8/25/2059(a)(b)

2,953,586

2,796,541

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2005-

2AR,

Class

A,

4.77%,

4/25/2035(b)

795,042

739,754

New

Residential

Mortgage

Loan

Trust

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

2,277,150

2,172,486

Series

2019-RPL3,

Class

A1,

2.75%,

7/25/2059(a)(b)

2,095,386

1,976,558

Series

2019-6A,

Class

A1B,

3.50%,

9/25/2059(a)(b)

1,583,504

1,471,231

Series

2019-6A,

Class

B1,

4.00%,

9/25/2059(a)(b)

856,642

777,071

Series

2019-6A,

Class

B2,

4.25%,

9/25/2059(a)(b)

831,447

752,122

Series

2022-NQM2,

Class

A1,

3.08%,

3/27/2062(a)(b)

3,577,009

3,293,905

OBX

Trust

Series

2021-NQM2,

Class

A3,

1.56%,

5/25/2061(a)(b)

833,265

657,787

Series

2021-NQM1,

Class

A1,

1.07%,

2/25/2066(a)(b)

3,377,066

2,829,071

Onslow

Bay

Mortgage

Loan

Trust,

Series

2021-

NQM4,

Class

A1,

1.96%,

10/25/2061(a)(b)

4,713,788

3,945,575

PRKCM

Trust,

Series

2021-

AFC2,

Class

A1,

2.07%,

11/25/2056(a)(b)

3,930,228

3,361,777

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

A1,

1.65%,

5/25/2060(a)(b)

457,138

449,293

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-1,

Class

M1,

4.00%,

1/25/2056(a)(b)

1,213,271

1,195,666

Series

2019-1,

Class

M,

4.75%,

7/25/2058(a)(b)

1,850,000

1,641,301

Series

2019-4,

Class

M,

4.50%,

2/25/2059(a)(b)

2,107,000

1,855,551

Series

2020-1,

Class

M,

4.25%,

8/25/2059(a)(b)

3,130,000

2,675,176

SG

Residential

Mortgage

Trust,

Series

2022-1,

Class

A1,

3.17%,

3/27/2062(a)(b)

3,600,222

3,323,814

Towd

Point

Mortgage

Trust

Series

2019-HY1,

Class

B1,

6.66%,

10/25/2048(a)(b)

970,000

957,308

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-HY2,

Class

A1,

5.51%,

5/25/2058(a)(b)

834,253

831,694

WaMu

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR9,

Class

A7,

3.90%,

8/25/2034(b)

1,387,115

1,300,690

Series

2005-AR13,

Class

A1A1,

5.09%,

10/25/2045(b)

517,223

481,790

Total

Collateralized

Mortgage

Obligations

(cost

$98,146,160)

89,669,579

Commercial

Mortgage-Backed

Securities

2.2%

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

5.33%,

10/15/2038(a)(b)

2,580,000

2,409,328

AREIT

Trust,

Series

2022-

CRE6,

Class

E,

7.71%,

1/16/2037(a)(b)

2,050,000

1,888,608

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2018-DSNY,

Class

A,

5.31%,

9/15/2034(a)(b)

2,500,000

2,477,990

BANK

Series

2017-BNK8,

Class

A4,

3.49%,

11/15/2050

1,200,000

1,133,518

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/2054

1,406,400

1,334,265

Series

2022-BNK39,

Class

XA,

IO,

0.43%,

2/15/2055(b)

185,856,741

5,402,447

Series

2017-BNK5,

Class

XA,

IO,

0.95%,

6/15/2060(b)

41,022,609

1,289,968

Series

2017-BNK5,

Class

A5,

3.39%,

6/15/2060

2,000,000

1,890,199

Series

2021-BN38,

Class

XA,

IO,

0.81%,

12/15/2064(b)

40,289,157

2,138,186

BBCMS

Mortgage

Trust,

Series

2017-DELC,

Class

A,

5.43%,

8/15/2036(a)(b)

2,610,000

2,585,392

BHMS,

Series

2018-

ATLS,

Class

D,

6.71%,

7/15/2035(a)(b)

3,830,000

3,569,185

BIG

Commercial

Mortgage

Trust,

Series

2022-

BIG,

Class

B,

6.22%,

2/15/2039(a)(b)

4,000,000

3,846,374

BPR

Trust,

Series

2021-

TY,

Class

B,

5.61%,

9/15/2038(a)(b)

780,000

732,163

BX

Commercial

Mortgage

Trust

Series

2019-IMC,

Class

A,

5.46%,

4/15/2034(a)(b)

4,420,000

4,319,907

Series

2021-XL2,

Class

D,

5.86%,

10/15/2038(a)(b)

2,316,788

2,224,002

Series

2021-ACNT,

Class

A,

5.31%,

11/15/2038(a)(b)

950,000

929,937

Series

2021-CIP,

Class

A,

5.38%,

12/15/2038(a)(b)

5,460,000

5,345,552

28

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2022-AHP,

Class

A,

5.47%,

1/17/2039(a)(b)

4,250,000

4,150,298

Series

2020-VIVA,

Class

E,

3.55%,

3/11/2044(a)(b)

2,140,000

1,651,040

BX

Trust

Series

2021-BXMF,

Class

A,

5.09%,

10/15/2026(a)(b)

1,310,000

1,273,557

Series

2019-MMP,

Class

A,

5.46%,

8/15/2036(a)(b)

2,009,942

1,987,077

Series

2021-ARIA,

Class

D,

6.35%,

10/15/2036(a)(b)

2,490,000

2,365,350

BXHPP

Trust,

Series

2021-

FILM,

Class

A,

5.11%,

8/15/2036(a)(b)

2,250,000

2,138,271

CFK

Trust

Series

2020-MF2,

Class

E,

3.46%,

3/15/2039(a)(b)

2,670,000

2,219,987

Series

2020-MF2,

Class

F,

3.46%,

3/15/2039(a)(b)

1,500,000

1,203,347

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

B,

4.20%,

5/10/2049(b)

1,530,000

1,389,709

GNMA

REMICS

Series

2022-3,

Class

,

IO,

0.64%,

2/16/2061(b)

196,348

10,047

Series

2020-157,

Class

,

IO,

0.94%,

6/16/2062(b)

9,299,328

619,548

Series

2020-190,

Class

,

IO,

1.03%,

11/16/2062(b)

10,028,137

749,225

Series

2020-103,

Class

AD,

1.45%,

1/16/2063

2,605,062

2,105,184

GS

Mortgage

Securities

Corp.

Trust

Series

2021-DM,

Class

A,

5.34%,

11/15/2036(a)(b)

4,660,000

4,566,785

Series

2020-DUNE,

Class

A,

5.56%,

12/15/2036(a)(b)

4,500,000

4,424,665

GS

Mortgage

Securities

Trust,

Series

2015-GS1,

Class

A3,

3.73%,

11/10/2048

2,000,000

1,922,574

Hawaii

Hotel

Trust,

Series

2019-MAUI,

Class

F,

7.21%,

5/15/2038(a)(b)

2,040,000

1,968,459

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-NNN,

Class

GFX,

4.69%,

1/16/2037(a)

(b)

3,550,000

2,870,285

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP6,

Class

A5,

3.49%,

7/15/2050

2,000,000

1,888,406

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

B,

4.01%,

3/15/2050(b)

1,610,000

1,387,145

Morgan

Stanley

Capital

I

Trust

Series

2019-BPR,

Class

A,

6.11%,

5/15/2036(a)(b)

1,560,680

1,500,680

Series

2018-H4,

Class

XA,

IO,

0.83%,

12/15/2051(b)

20,635,005

749,932

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

OPG

Trust,

Series

2021-

PORT,

Class

A,

4.94%,

10/15/2036(a)(b)

1,370,748

1,325,332

Ready

Capital

Mortgage

Financing

LLC,

Series

2021-FL7,

Class

A,

5.71%,

11/25/2036(a)(b)

2,525,012

2,448,486

SFO

Commercial

Mortgage

Trust,

Series

2021-

555,

Class

A,

5.61%,

5/15/2038(a)(b)

2,280,000

2,088,976

SMRT,

Series

2022-

MINI,

Class

A,

5.48%,

1/15/2039(a)(b)

4,110,000

4,012,220

SREIT

Trust

Series

2021-PALM,

Class

A,

5.05%,

10/15/2034(a)(b)

6,200,000

6,021,710

Series

2021-MFP,

Class

A,

5.19%,

11/15/2038(a)(b)

2,650,000

2,584,568

TPGI

Trust,

Series

2021-

DGWD,

Class

A,

5.16%,

6/15/2026(a)(b)

1,370,000

1,336,589

UBS

Commercial

Mortgage

Trust,

Series

2018-

C11,

Class

B,

4.71%,

6/15/2051(b)

1,490,000

1,329,445

WMRK

Commercial

Mortgage

Trust,

Series

2022-

WMRK,

Class

A,

7.27%,

11/15/2027(a)(b)

2,560,000

2,558,386

Total

Commercial

Mortgage-Backed

Securities

(cost

$117,218,139)

110,364,304

Common

Stocks

48.5%

Shares

Aerospace

&

Defense

0.8%

AAR

Corp.

*

2,991

153,857

Aerojet

Rocketdyne

Holdings,

Inc.

*

4,372

244,482

AeroVironment,

Inc.

*

1,303

115,928

AerSale

Corp.

*

854

15,893

Archer

Aviation,

Inc.,

Class A

*(d)

12,466

36,151

Astra

Space,

Inc.

*

1,036

659

Astronics

Corp.

*

976

14,494

Axon

Enterprise,

Inc.

*

3,809

744,431

Boeing

Co.

(The)

*

31,046

6,612,798

BWX

Technologies,

Inc.

4,710

286,651

Byrna

Technologies,

Inc.

*

110

1,071

Cadre

Holdings,

Inc.

(d)

2,138

48,939

Curtiss-Wright

Corp.

2,097

347,683

Ducommun,

Inc.

*

446

25,770

Eve

Holding,

Inc.

*

144

1,002

General

Dynamics

Corp.

13,422

3,128,131

HEICO

Corp.

6,964

1,028,483

Hexcel

Corp.

(d)

4,421

312,034

Howmet

Aerospace,

Inc.

21,878

890,216

Huntington

Ingalls

Industries,

Inc.

2,153

474,823

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Aerospace

&

Defense

Kaman

Corp.

2,676

67,489

Kratos

Defense

&

Security

Solutions,

Inc.

*

7,500

85,875

L3Harris

Technologies,

Inc.

11,227

2,411,784

Lockheed

Martin

Corp.

13,182

6,106,693

Maxar

Technologies,

Inc.

4,286

221,458

Mercury

Systems,

Inc.

*(d)

3,136

156,753

Momentus,

Inc.

*

346

313

Moog,

Inc.,

Class A

1,077

102,660

National

Presto

Industries,

Inc.

1,042

79,828

Northrop

Grumman

Corp.

8,076

3,618,371

Park

Aerospace

Corp.

(d)

705

9,807

Parsons

Corp.

*(d)

1,420

61,798

Raytheon

Technologies

Corp.

81,882

8,175,918

Redwire

Corp.

*

120

307

Rocket

Lab

USA,

Inc.

*(d)

14,190

70,524

Satellogic,

Inc.,

Class A

*

218

769

Spirit

AeroSystems

Holdings,

Inc.,

Class A

(d)

5,993

216,647

Terran

Orbital

Corp.

*

431

836

Textron,

Inc.

12,046

877,551

TransDigm

Group,

Inc.

2,878

2,065,684

Triumph

Group,

Inc.

*

4,318

49,182

V2X,

Inc.

*

461

20,358

Virgin

Galactic

Holdings,

Inc.

*(d)

10,650

58,788

Virgin

Orbit

Holdings,

Inc.

*(d)

486

816

Woodward,

Inc.

(d)

3,110

318,029

39,261,734

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.

*

3,549

100,472

Atlas

Air

Worldwide

Holdings,

Inc.

*(d)

1,635

167,114

CH

Robinson

Worldwide,

Inc.

(d)

8,154

816,786

Expeditors

International

of

Washington,

Inc.

8,908

963,400

FedEx

Corp.

13,419

2,601,407

Forward

Air

Corp.

(d)

1,073

115,723

GXO

Logistics,

Inc.

*

6,794

355,530

Hub

Group,

Inc.,

Class A

*

1,310

111,704

Radiant

Logistics,

Inc.

*

1,585

8,892

United

Parcel

Service,

Inc.,

Class B

41,884

7,758,173

12,999,201

Airlines

0.1%

Alaska

Air

Group,

Inc.

*

7,117

365,387

Allegiant

Travel

Co.

*

893

76,825

American

Airlines

Group,

Inc.

*(d)

39,276

633,915

Blade

Air

Mobility,

Inc.

*(d)

392

1,748

Copa

Holdings

SA,

Class A

*(d)

1,510

139,041

Delta

Air

Lines,

Inc.

*

35,763

1,398,333

Frontier

Group

Holdings,

Inc.

*

2,135

26,858

Hawaiian

Holdings,

Inc.

*(d)

1,917

23,618

JetBlue

Airways

Corp.

*

19,884

159,072

Joby

Aviation,

Inc.

*(d)

14,265

63,051

SkyWest,

Inc.

*

2,780

57,713

Common

Stocks

Shares

Value

($)

Airlines

Southwest

Airlines

Co.

32,429

1,159,985

Spirit

Airlines,

Inc.

6,381

126,599

Sun

Country

Airlines

Holdings,

Inc.

*

2,351

43,893

United

Airlines

Holdings,

Inc.

*

18,559

908,649

Wheels

Up

Experience,

Inc.

*(d)

1,065

1,310

5,185,997

Auto

Components

0.1%

Adient

plc

*

5,211

234,599

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,539

40,261

Aptiv

plc

*(d)

15,542

1,757,645

BorgWarner,

Inc.

16,389

774,872

Dana,

Inc.

7,855

142,490

Dorman

Products,

Inc.

*

1,407

136,563

Fox

Factory

Holding

Corp.

*(d)

2,228

263,105

Garrett

Motion,

Inc.

*

301

2,408

Gentex

Corp.

12,452

367,459

Gentherm,

Inc.

*

1,794

133,527

Goodyear

Tire

&

Rubber

Co.

(The)

*

15,410

173,362

Holley,

Inc.

*

333

1,102

LCI

Industries

(d)

1,431

160,587

Lear

Corp.

3,261

475,389

Luminar

Technologies,

Inc.

*(d)

14,684

97,942

Modine

Manufacturing

Co.

*

2,035

48,616

Motorcar

Parts

of

America,

Inc.

*(d)

764

11,124

Patrick

Industries,

Inc.

(d)

1,426

101,203

QuantumScape

Corp.

*(d)

11,623

98,912

Solid

Power,

Inc.

*(d)

11,381

38,126

Spruce

Power

Holding

Corp.

*(d)

697

1,039

Standard

Motor

Products,

Inc.

778

31,478

Stoneridge,

Inc.

*

1,063

26,214

Visteon

Corp.

*(d)

1,580

247,017

XPEL,

Inc.

Reg.

S*(d)

920

69,984

5,435,024

Automobiles

0.7%

Arrival

SA

*

1,390

556

Canoo,

Inc.

*(d)

4,675

5,610

Cenntro

Electric

Group

Ltd.

*

1,149

876

Faraday

Future

Intelligent

Electric,

Inc.

*(d)

10,494

8,920

Fisker,

Inc.

*(d)

9,654

71,922

Ford

Motor

Co.

221,603

2,993,857

General

Motors

Co.

79,883

3,141,000

Gogoro,

Inc.

*

1,238

5,819

Harley-Davidson,

Inc.

8,313

382,647

Livewire

Group,

Inc.

*

139

874

Lordstown

Motors

Corp.

*(d)

1,088

1,425

Lucid

Group,

Inc.

*(d)

28,215

329,833

Mullen

Automotive,

Inc.

*(d)

2,876

989

Rivian

Automotive,

Inc.,

Class A

*

29,337

569,138

Stellantis

NV

6,940

109,097

Tesla,

Inc.

*

145,166

25,145,654

30

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Automobiles

Thor

Industries,

Inc.

(d)

2,815

268,354

Winnebago

Industries,

Inc.

(d)

1,875

119,400

Workhorse

Group,

Inc.

*(d)

2,670

5,901

33,161,872

Banks

1.9%

1st

Source

Corp.

2,745

135,027

ACNB

Corp.

52

2,046

Amalgamated

Financial

Corp.

549

12,600

Amerant

Bancorp,

Inc.

3,089

85,998

American

National

Bankshares,

Inc.

469

16,232

Ameris

Bancorp

2,275

107,289

Arrow

Financial

Corp.

709

23,333

Associated

Banc-Corp.

8,435

189,028

Atlantic

Union

Bankshares

Corp.

3,698

143,076

Banc

of

California,

Inc.

4,347

75,725

BancFirst

Corp.

(d)

1,192

102,667

Bancorp,

Inc.

(The)

*

843

28,603

Bank

First

Corp.

258

20,604

Bank

of

America

Corp.

394,662

14,002,608

Bank

of

Hawaii

Corp.

(d)

3,372

257,924

Bank

of

Marin

Bancorp

555

16,911

Bank

of

Montreal

1,127

113,421

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

3,400

108,664

Bank

OZK

10,890

497,346

BankUnited,

Inc.

495

18,632

Banner

Corp.

(d)

693

44,927

Bar

Harbor

Bankshares

637

19,792

BCB

Bancorp,

Inc.

96

1,727

Berkshire

Hills

Bancorp,

Inc.

697

21,642

BOK

Financial

Corp.

2,036

204,618

Brookline

Bancorp,

Inc.

(d)

1,769

23,133

Business

First

Bancshares,

Inc.

610

12,651

Byline

Bancorp,

Inc.

1,025

25,420

Cadence

Bank

(d)

1,169

29,903

Cambridge

Bancorp

262

20,960

Camden

National

Corp.

591

24,958

Canadian

Imperial

Bank

of

Commerce

(d)

1,625

74,132

Capital

Bancorp,

Inc.

355

7,632

Capital

City

Bank

Group,

Inc.

587

19,060

Capstar

Financial

Holdings,

Inc.

638

11,108

Carter

Bankshares,

Inc.

*

977

16,238

Cathay

General

Bancorp

4,876

214,349

Central

Pacific

Financial

Corp.

170

3,842

Citigroup,

Inc.

110,576

5,774,279

Citizens

&

Northern

Corp.

(d)

595

14,078

Citizens

Financial

Group,

Inc.

28,859

1,250,172

City

Holding

Co.

(d)

90

8,531

Civista

Bancshares,

Inc.

695

15,081

CNB

Financial

Corp.

686

16,546

Coastal

Financial

Corp.

*

340

15,528

Columbia

Banking

System,

Inc.

(d)

1,119

34,588

Comerica,

Inc.

9,053

663,675

Commerce

Bancshares,

Inc.

(d)

7,528

501,064

Common

Stocks

Shares

Value

($)

Banks

Community

Bank

System,

Inc.

(d)

341

19,679

Community

Trust

Bancorp,

Inc.

2,033

87,582

ConnectOne

Bancorp,

Inc.

3,428

81,484

CrossFirst

Bankshares,

Inc.

*

2,053

27,715

Cullen/Frost

Bankers,

Inc.

3,568

464,839

Customers

Bancorp,

Inc.

*

574

17,432

CVB

Financial

Corp.

(d)

854

20,684

Dime

Community

Bancshares,

Inc.

2,829

84,361

Eagle

Bancorp,

Inc.

721

34,240

East

West

Bancorp,

Inc.

8,651

679,277

Eastern

Bankshares,

Inc.

10,054

162,573

Enterprise

Bancorp,

Inc.

414

14,714

Enterprise

Financial

Services

Corp.

1,701

90,697

Equity

Bancshares,

Inc.,

Class A

624

18,626

Esquire

Financial

Holdings,

Inc.

43

2,001

Farmers

&

Merchants

Bancorp,

Inc.

80

2,276

Farmers

National

Banc

Corp.

(d)

1,132

16,278

FB

Financial

Corp.

2,854

107,196

Fifth

Third

Bancorp

48,771

1,769,900

Financial

Institutions,

Inc.

532

13,146

First

Bancorp

1,681

36,258

First

Bancorp,

Inc.

(The)

468

13,881

First

Bancshares,

Inc.

(The)

888

27,217

First

Bank

579

7,834

First

Busey

Corp.

8,144

194,397

First

Business

Financial

Services,

Inc.

51

1,826

First

Citizens

BancShares,

Inc.,

Class A

683

531,155

First

Commonwealth

Financial

Corp.

(d)

882

12,974

First

Community

Bankshares,

Inc.

712

23,147

First

Financial

Bancorp

1,049

26,571

First

Financial

Bankshares,

Inc.

(d)

7,802

277,907

First

Financial

Corp.

1,541

69,222

First

Foundation,

Inc.

5,416

84,110

First

Hawaiian,

Inc.

(d)

8,425

231,182

First

Horizon

Corp.

29,830

737,696

First

Internet

Bancorp

358

9,412

First

Interstate

BancSystem,

Inc.,

Class A

(d)

5,507

197,591

First

Merchants

Corp.

3,674

156,659

First

Mid

Bancshares,

Inc.

635

20,403

First

of

Long

Island

Corp.

(The)

958

16,918

First

Republic

Bank

10,072

1,418,943

Five

Star

Bancorp

59

1,591

Flushing

Financial

Corp.

1,212

23,258

FNB

Corp.

19,385

276,624

Fulton

Financial

Corp.

(d)

14,151

236,746

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Banks

German

American

Bancorp,

Inc.

2,606

100,383

Glacier

Bancorp,

Inc.

(d)

6,299

287,171

Great

Southern

Bancorp,

Inc.

490

28,636

Guaranty

Bancshares,

Inc.

390

12,862

Hancock

Whitney

Corp.

4,232

217,863

Hanmi

Financial

Corp.

999

23,267

HarborOne

Bancorp,

Inc.

(d)

7,133

97,294

HBT

Financial,

Inc.

379

7,948

Heartland

Financial

USA,

Inc.

2,817

139,357

Heritage

Commerce

Corp.

(d)

2,463

29,852

Heritage

Financial

Corp.

574

16,376

Hilltop

Holdings,

Inc.

(d)

4,347

142,147

Home

BancShares,

Inc.

12,404

296,083

HomeStreet,

Inc.

115

3,171

HomeTrust

Bancshares,

Inc.

658

17,766

Hope

Bancorp,

Inc.

731

9,423

Horizon

Bancorp,

Inc.

1,721

26,916

Huntington

Bancshares,

Inc.

82,709

1,254,696

Independent

Bank

Corp.

1,665

79,305

Independent

Bank

Group,

Inc.

1,834

112,424

International

Bancshares

Corp.

3,622

169,763

John

Marshall

Bancorp,

Inc.

(d)

87

2,152

JPMorgan

Chase

&

Co.

163,872

22,935,525

KeyCorp

56,783

1,089,666

Lakeland

Bancorp,

Inc.

8,656

166,801

Lakeland

Financial

Corp.

996

70,427

Live

Oak

Bancshares,

Inc.

1,802

61,682

M&T

Bank

Corp.

9,723

1,516,788

Macatawa

Bank

Corp.

1,870

20,607

Mercantile

Bank

Corp.

581

19,946

Metrocity

Bankshares,

Inc.

712

14,397

Metropolitan

Bank

Holding

Corp.

*

1,063

63,121

Mid

Penn

Bancorp,

Inc.

301

9,472

Midland

States

Bancorp,

Inc.

(d)

946

24,104

MidWestOne

Financial

Group,

Inc.

598

18,628

MVB

Financial

Corp.

360

7,949

National

Bank

Holdings

Corp.,

Class A

2,464

104,055

NBT

Bancorp,

Inc.

809

31,802

Nicolet

Bankshares,

Inc.

*(d)

1,067

77,774

Northeast

Bank

44

2,077

Northrim

Bancorp,

Inc.

36

1,927

Northwest

Bancshares,

Inc.

(d)

2,200

31,108

OceanFirst

Financial

Corp.

(d)

5,322

127,302

OFG

Bancorp

522

14,778

Old

National

Bancorp

16,489

288,558

Old

Second

Bancorp,

Inc.

1,242

21,102

Origin

Bancorp,

Inc.

919

34,463

Orrstown

Financial

Services,

Inc.

369

9,133

Pacific

Premier

Bancorp,

Inc.

(d)

1,807

58,438

PacWest

Bancorp

8,056

222,829

Park

National

Corp.

(d)

1,739

217,810

Pathward

Financial,

Inc.

390

19,352

Common

Stocks

Shares

Value

($)

Banks

Peapack-Gladstone

Financial

Corp.

818

30,340

Peoples

Bancorp,

Inc.

(d)

2,982

88,476

Peoples

Financial

Services

Corp.

301

15,345

Pinnacle

Financial

Partners,

Inc.

4,315

339,720

PNC

Financial

Services

Group,

Inc.

(The)

23,163

3,831,855

Popular,

Inc.

4,634

318,078

Preferred

Bank

89

6,331

Premier

Financial

Corp.

1,339

33,502

Primis

Financial

Corp.

877

10,384

Professional

Holding

Corp.,

Class A

*

2,102

60,222

Prosperity

Bancshares,

Inc.

5,780

438,471

QCR

Holdings,

Inc.

1,799

94,555

RBB

Bancorp

696

14,017

Red

River

Bancshares,

Inc.

189

9,620

Regions

Financial

Corp.

59,520

1,401,101

Renasant

Corp.

1,342

47,748

Republic

Bancorp,

Inc.,

Class A

393

17,677

Republic

First

Bancorp,

Inc.

*(d)

1,341

2,950

Royal

Bank

of

Canada

1,950

199,602

S&T

Bancorp,

Inc.

484

17,608

Sandy

Spring

Bancorp,

Inc.

3,514

118,773

Seacoast

Banking

Corp.

of

Florida

569

18,271

ServisFirst

Bancshares,

Inc.

3,173

216,335

Shore

Bancshares,

Inc.

119

2,080

Sierra

Bancorp

551

11,604

Signature

Bank

3,596

463,704

Silvergate

Capital

Corp.,

Class A

*(d)

1,583

22,542

Simmons

First

National

Corp.,

Class A

4,088

91,203

SmartFinancial,

Inc.

609

16,425

South

Plains

Financial,

Inc.

430

12,083

Southern

First

Bancshares,

Inc.

*

341

14,353

Southside

Bancshares,

Inc.

319

12,084

SouthState

Corp.

4,230

336,708

Stellar

Bancorp,

Inc.

(d)

3,800

106,818

Stock

Yards

Bancorp,

Inc.

(d)

1,871

112,185

Summit

Financial

Group,

Inc.

517

13,416

SVB

Financial

Group

*(d)

3,328

1,006,520

Synovus

Financial

Corp.

8,600

360,770

Texas

Capital

Bancshares,

Inc.

*

2,974

196,492

Tompkins

Financial

Corp.

1,362

102,599

Toronto-Dominion

Bank

(The)

1,660

114,905

Towne

Bank

5,271

160,607

TriCo

Bancshares

2,591

130,975

Triumph

Financial,

Inc.

*

1,768

98,531

Truist

Financial

Corp.

77,060

3,805,993

Trustmark

Corp.

(d)

668

19,452

UMB

Financial

Corp.

2,693

242,882

Umpqua

Holdings

Corp.

14,000

254,800

United

Bankshares,

Inc.

(d)

8,138

327,148

32

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

United

Community

Banks,

Inc.

(d)

1,577

51,316

Unity

Bancorp,

Inc.

48

1,271

Univest

Financial

Corp.

1,158

31,440

US

Bancorp

77,387

3,853,873

Valley

National

Bancorp

(d)

26,105

310,127

Veritex

Holdings,

Inc.

747

21,028

Washington

Federal,

Inc.

5,461

193,647

Washington

Trust

Bancorp,

Inc.

3,859

165,049

Webster

Financial

Corp.

9,435

496,753

Wells

Fargo

&

Co.

214,194

10,039,273

WesBanco,

Inc.

4,396

163,399

West

Bancorp,

Inc.

681

14,914

Westamerica

Bancorp

384

21,335

Western

Alliance

Bancorp

6,599

497,367

Wintrust

Financial

Corp.

3,358

307,156

Zions

Bancorp

NA

10,181

541,222

95,809,096

Beverages

0.7%

Boston

Beer

Co.,

Inc.

(The),

Class A

*

523

203,243

Brown-Forman

Corp.,

Class A

13,565

903,058

Celsius

Holdings,

Inc.

*

3,102

311,193

Coca-Cola

Co.

(The)

217,894

13,361,260

Coca-Cola

Consolidated,

Inc.

289

146,459

Constellation

Brands,

Inc.,

Class A

8,818

2,041,543

Duckhorn

Portfolio,

Inc.

(The)

*

2,730

44,171

Keurig

Dr

Pepper,

Inc.

51,942

1,832,514

MGP

Ingredients,

Inc.

(d)

532

51,891

Molson

Coors

Beverage

Co.,

Class B

(d)

10,546

554,509

Monster

Beverage

Corp.

*

20,413

2,124,585

National

Beverage

Corp.

*(d)

907

40,089

PepsiCo,

Inc.

78,622

13,445,935

Primo

Water

Corp.

8,129

127,219

Vintage

Wine

Estates,

Inc.

*

210

601

Vita

Coco

Co.,

Inc.

(The)

*(d)

1,695

23,001

35,211,271

Biotechnology

1.3%

2seventy

bio,

Inc.

*

952

12,947

4D

Molecular

Therapeutics,

Inc.

*

1,134

23,871

89bio,

Inc.

*

227

2,651

Aadi

Bioscience,

Inc.

*

79

997

AbbVie,

Inc.

98,744

14,589,426

Absci

Corp.

*

275

863

ACADIA

Pharmaceuticals,

Inc.

*

5,637

107,272

Acumen

Pharmaceuticals,

Inc.

*

108

710

Adicet

Bio,

Inc.

*(d)

199

1,821

ADMA

Biologics,

Inc.

*(d)

11,786

43,490

Aerovate

Therapeutics,

Inc.

*

65

1,485

Affimed

NV

*

2,726

3,517

Agenus,

Inc.

*

20,930

54,627

Agios

Pharmaceuticals,

Inc.

*

2,413

71,135

Akero

Therapeutics,

Inc.

*

2,016

99,792

Alaunos

Therapeutics,

Inc.

*

1,186

876

Common

Stocks

Shares

Value

($)

Biotechnology

Albireo

Pharma,

Inc.

*

589

26,305

Aldeyra

Therapeutics,

Inc.

*

363

2,142

Alector,

Inc.

*

1,914

16,881

Alkermes

plc

*

9,668

276,892

Allakos,

Inc.

*

403

2,994

Allogene

Therapeutics,

Inc.

*(d)

5,393

41,634

Allovir,

Inc.

*

1,015

5,867

Alnylam

Pharmaceuticals,

Inc.

*

6,784

1,535,898

Altimmune,

Inc.

*(d)

315

4,297

Alvotech

SA

*

377

4,524

ALX

Oncology

Holdings,

Inc.

*

419

3,897

Amgen,

Inc.

30,228

7,629,547

Amicus

Therapeutics,

Inc.

*

16,653

217,155

AnaptysBio,

Inc.

*(d)

932

23,197

Anavex

Life

Sciences

Corp.

*(d)

6,031

65,557

Anika

Therapeutics,

Inc.

*

570

17,676

Apellis

Pharmaceuticals,

Inc.

*

5,293

279,100

Arbutus

Biopharma

Corp.

*

708

2,131

Arcellx,

Inc.

*(d)

1,804

60,272

Arcturus

Therapeutics

Holdings,

Inc.

*(d)

813

17,179

Arcus

Biosciences,

Inc.

*(d)

2,793

60,413

Arcutis

Biotherapeutics,

Inc.

*(d)

3,518

58,293

Arrowhead

Pharmaceuticals,

Inc.

*

7,185

251,403

Atara

Biotherapeutics,

Inc.

*

9,043

45,848

Aura

Biosciences,

Inc.

*

115

1,197

Aurinia

Pharmaceuticals,

Inc.

*(d)

8,079

73,115

Avid

Bioservices,

Inc.

*(d)

3,907

61,848

Avidity

Biosciences,

Inc.

*

4,595

108,901

Avita

Medical,

Inc.

*

158

1,476

Beam

Therapeutics,

Inc.

*(d)

4,004

173,974

BioAtla,

Inc.

*

257

974

BioCryst

Pharmaceuticals,

Inc.

*

12,043

127,054

Biogen,

Inc.

*

7,997

2,326,327

Biohaven

Ltd.

*(d)

5,397

103,029

BioMarin

Pharmaceutical,

Inc.

*

10,295

1,187,528

Bioxcel

Therapeutics,

Inc.

*(d)

477

13,604

Bluebird

Bio,

Inc.

*

2,666

16,929

Blueprint

Medicines

Corp.

*

3,448

161,160

Bridgebio

Pharma,

Inc.

*

6,307

58,529

C4

Therapeutics,

Inc.

*

1,468

11,436

CareDx,

Inc.

*

3,135

46,837

Caribou

Biosciences,

Inc.

*

486

3,504

Catalyst

Pharmaceuticals,

Inc.

*

4,040

62,580

Celldex

Therapeutics,

Inc.

*

3,232

142,402

CEL-SCI

Corp.

*(d)

269

705

Celularity,

Inc.,

Class A

*(d)

403

339

Century

Therapeutics,

Inc.

*(d)

136

622

Cerevel

Therapeutics

Holdings,

Inc.

*(d)

3,514

120,003

Chimerix,

Inc.

*

1,757

3,110

Chinook

Therapeutics,

Inc.

*

4,058

102,546

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Biotechnology

Cogent

Biosciences,

Inc.

*(d)

5,329

80,255

Coherus

Biosciences,

Inc.

*

7,455

63,218

Compass

Therapeutics,

Inc.

*

444

1,776

Crinetics

Pharmaceuticals,

Inc.

*(d)

1,683

33,004

CTI

BioPharma

Corp.

*(d)

8,185

45,263

Cue

Biopharma,

Inc.

*

215

735

Cullinan

Oncology,

Inc.

*(d)

1,045

12,164

Cytokinetics,

Inc.

*(d)

4,761

202,247

Day

One

Biopharmaceuticals,

Inc.

*(d)

3,015

65,637

Deciphera

Pharmaceuticals,

Inc.

*

1,595

27,131

Denali

Therapeutics,

Inc.

*

6,397

193,637

Design

Therapeutics,

Inc.

*(d)

3,295

25,866

Dynavax

Technologies

Corp.

*

7,214

82,095

Dyne

Therapeutics,

Inc.

*

194

2,832

Eagle

Pharmaceuticals,

Inc.

*

409

13,881

Editas

Medicine,

Inc.

*

4,294

42,468

Eiger

BioPharmaceuticals,

Inc.

*

1,184

2,250

Emergent

BioSolutions,

Inc.

*

3,346

44,134

Enanta

Pharmaceuticals,

Inc.

*

1,857

99,127

Enochian

Biosciences,

Inc.

*

101

123

Entrada

Therapeutics,

Inc.

*

108

1,312

EQRx,

Inc.

*(d)

11,863

29,064

Erasca,

Inc.

*(d)

5,028

20,112

Evelo

Biosciences,

Inc.

*

347

361

Exact

Sciences

Corp.

*(d)

10,321

696,874

Exelixis,

Inc.

*

17,273

304,350

Fate

Therapeutics,

Inc.

*

4,793

28,566

FibroGen,

Inc.

*

6,949

163,996

Foghorn

Therapeutics,

Inc.

*(d)

1,720

14,792

G1

Therapeutics,

Inc.

*(d)

231

1,843

Generation

Bio

Co.

*

1,363

8,042

Geron

Corp.

*(d)

9,367

30,911

Gilead

Sciences,

Inc.

72,102

6,052,242

Gossamer

Bio,

Inc.

*(d)

6,488

17,128

Graphite

Bio,

Inc.

*

172

370

GreenLight

Biosciences

Holdings

PBC

*(d)

454

495

Greenwich

Lifesciences,

Inc.

*

23

456

Gritstone

bio,

Inc.

*

500

1,590

Halozyme

Therapeutics,

Inc.

*(d)

6,651

344,322

Heron

Therapeutics,

Inc.

*(d)

3,579

9,699

HilleVax,

Inc.

*

90

1,539

Horizon

Therapeutics

plc

*

13,151

1,442,928

Humacyte,

Inc.

*

333

876

Icosavax,

Inc.

*

162

1,709

Ideaya

Biosciences,

Inc.

*

4,252

72,412

IGM

Biosciences,

Inc.

*

313

7,114

Immuneering

Corp.,

Class A

*(d)

124

520

ImmunityBio,

Inc.

*(d)

1,268

4,818

ImmunoGen,

Inc.

*

17,072

78,531

Immunovant,

Inc.

*

1,666

29,605

Incyte

Corp.

*

10,398

885,286

Inhibrx,

Inc.

*

2,054

51,350

Common

Stocks

Shares

Value

($)

Biotechnology

Inovio

Pharmaceuticals,

Inc.

*(d)

6,079

10,091

Insmed,

Inc.

*(d)

7,276

156,652

Instil

Bio,

Inc.

*

357

291

Intellia

Therapeutics,

Inc.

*(d)

5,420

230,025

Intercept

Pharmaceuticals,

Inc.

*(d)

1,050

19,173

Invivyd,

Inc.

*(d)

1,045

2,383

Ionis

Pharmaceuticals,

Inc.

*(d)

8,113

323,465

Iovance

Biotherapeutics,

Inc.

*

8,972

71,417

Ironwood

Pharmaceuticals,

Inc.

*(d)

9,485

109,267

iTeos

Therapeutics,

Inc.

*

1,933

40,400

IVERIC

bio,

Inc.

*

7,422

171,448

Janux

Therapeutics,

Inc.

*

78

1,732

Jounce

Therapeutics,

Inc.

*

747

874

KalVista

Pharmaceuticals,

Inc.

*

626

4,983

Karuna

Therapeutics,

Inc.

*

1,687

336,371

Karyopharm

Therapeutics,

Inc.

*(d)

3,371

11,124

Keros

Therapeutics,

Inc.

*

1,392

81,529

Kezar

Life

Sciences,

Inc.

*(d)

1,283

9,199

Kiniksa

Pharmaceuticals

Ltd.,

Class A

*

895

12,942

Kinnate

Biopharma,

Inc.

*(d)

1,153

8,682

Kodiak

Sciences,

Inc.

*

1,982

16,015

Kronos

Bio,

Inc.

*

1,356

3,254

Krystal

Biotech,

Inc.

*

1,437

119,443

Kura

Oncology,

Inc.

*(d)

2,081

28,759

Kymera

Therapeutics,

Inc.

*(d)

2,410

90,086

Lexicon

Pharmaceuticals,

Inc.

*

2,307

5,168

Lineage

Cell

Therapeutics,

Inc.

*

1,091

1,593

Lyell

Immunopharma,

Inc.

*(d)

13,988

45,741

MacroGenics,

Inc.

*

5,306

30,616

Madrigal

Pharmaceuticals,

Inc.

*

1,079

311,022

MannKind

Corp.

*(d)

10,270

56,177

MeiraGTx

Holdings

plc

*

914

7,641

Mersana

Therapeutics,

Inc.

*

1,925

12,666

MiMedx

Group,

Inc.

*

4,096

15,852

Mirati

Therapeutics,

Inc.

*(d)

2,519

134,540

Mirum

Pharmaceuticals,

Inc.

*

354

8,312

Moderna,

Inc.

*

18,574

3,270,138

Monte

Rosa

Therapeutics,

Inc.

*(d)

182

1,347

MoonLake

Immunotherapeutics

*

192

2,294

Morphic

Holding,

Inc.

*

542

17,740

Myovant

Sciences

Ltd.

*(d)

289

7,768

Myriad

Genetics,

Inc.

*

5,008

98,758

Natera,

Inc.

*(d)

5,765

247,491

Neurocrine

Biosciences,

Inc.

*(d)

5,183

574,950

Nkarta,

Inc.

*(d)

666

3,550

Novavax,

Inc.

*(d)

4,032

43,989

Nurix

Therapeutics,

Inc.

*

1,065

13,089

Nuvalent,

Inc.,

Class A

*(d)

1,296

39,204

34

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Ocugen,

Inc.

*(d)

6,130

7,785

Omega

Therapeutics,

Inc.

*

114

895

OmniAb,

Inc.

*

3,732

15,450

OmniAb,

Inc.

*∞(d)

652

0

Organogenesis

Holdings,

Inc.

*

1,179

3,018

ORIC

Pharmaceuticals,

Inc.

*

197

1,115

Outlook

Therapeutics,

Inc.

*(d)

856

984

PMV

Pharmaceuticals,

Inc.

*

1,030

8,446

Point

Biopharma

Global,

Inc.

*(d)

6,997

55,976

Poseida

Therapeutics,

Inc.

*

357

2,485

Praxis

Precision

Medicines,

Inc.

*(d)

354

1,763

Precigen,

Inc.

*

3,025

4,900

Precision

BioSciences,

Inc.

*

552

640

Prelude

Therapeutics,

Inc.

*

148

944

Prenetics

Global

Ltd.,

Class A

*

477

716

ProKidney

Corp.

*(d)

292

3,046

Prometheus

Biosciences,

Inc.

*

1,934

219,818

Protagonist

Therapeutics,

Inc.

*

1,116

14,832

Prothena

Corp.

plc

*

2,274

128,595

PTC

Therapeutics,

Inc.

*(d)

3,428

157,311

Rallybio

Corp.

*

103

715

RAPT

Therapeutics,

Inc.

*

2,324

67,512

Recursion

Pharmaceuticals,

Inc.,

Class A

*(d)

7,291

60,734

Regeneron

Pharmaceuticals,

Inc.

*

5,860

4,444,634

REGENXBIO,

Inc.

*

2,171

50,389

Relay

Therapeutics,

Inc.

*(d)

3,998

85,797

Replimune

Group,

Inc.

*

1,881

52,386

REVOLUTION

Medicines,

Inc.

*

5,491

146,829

Rhythm

Pharmaceuticals,

Inc.

*

350

9,573

Rigel

Pharmaceuticals,

Inc.

*

6,883

11,288

Rocket

Pharmaceuticals,

Inc.

*

3,362

73,056

Sage

Therapeutics,

Inc.

*

3,114

138,075

Sana

Biotechnology,

Inc.

*(d)

2,928

13,352

Sangamo

Therapeutics,

Inc.

*

4,804

16,766

Sarepta

Therapeutics,

Inc.

*(d)

4,773

596,482

Scholar

Rock

Holding

Corp.

*(d)

253

3,061

Seagen,

Inc.

*

8,595

1,198,831

Selecta

Biosciences,

Inc.

*

711

1,258

Seres

Therapeutics,

Inc.

*

1,764

9,649

Shattuck

Labs,

Inc.

*

218

909

Sorrento

Therapeutics,

Inc.

*(d)

19,236

18,438

SpringWorks

Therapeutics,

Inc.

*(d)

3,034

95,268

Stoke

Therapeutics,

Inc.

*

607

6,046

Sutro

Biopharma,

Inc.

*

828

5,995

Syndax

Pharmaceuticals,

Inc.

*(d)

3,682

105,673

Tango

Therapeutics,

Inc.

*(d)

357

2,356

Taysha

Gene

Therapies,

Inc.

*

145

238

Common

Stocks

Shares

Value

($)

Biotechnology

TG

Therapeutics,

Inc.

*

7,428

113,128

Travere

Therapeutics,

Inc.

*(d)

3,945

88,368

Twist

Bioscience

Corp.

*(d)

2,863

82,139

Tyra

Biosciences,

Inc.

*

126

1,338

Ultragenyx

Pharmaceutical,

Inc.

*

3,898

176,696

United

Therapeutics

Corp.

*

2,500

657,925

Vanda

Pharmaceuticals,

Inc.

*(d)

2,068

15,882

Vaxart,

Inc.

*(d)

14,214

15,351

Vaxcyte,

Inc.

*

4,216

191,196

Vaxxinity,

Inc.,

Class A

*

232

928

VBI

Vaccines,

Inc.

*(d)

6,040

3,515

Vera

Therapeutics,

Inc.

*(d)

85

721

Veracyte,

Inc.

*(d)

4,191

105,320

Vericel

Corp.

*

3,956

108,671

Vertex

Pharmaceuticals,

Inc.

*

14,861

4,801,589

Verve

Therapeutics,

Inc.

*(d)

2,345

53,349

Vigil

Neuroscience,

Inc.

*

85

921

Viking

Therapeutics,

Inc.

*(d)

435

3,811

Vir

Biotechnology,

Inc.

*

3,848

113,708

Viridian

Therapeutics,

Inc.

*(d)

3,011

109,962

Vor

BioPharma,

Inc.

*

164

864

XBiotech,

Inc.

*

103

448

Xencor,

Inc.

*(d)

4,275

140,733

Y-mAbs

Therapeutics,

Inc.

*

1,202

5,397

Zentalis

Pharmaceuticals,

Inc.

*

2,350

55,460

Zymeworks,

Inc.

*

390

3,685

63,419,752

Building

Products

0.3%

A

O

Smith

Corp.

6,973

472,072

AAON,

Inc.

2,230

170,194

Advanced

Drainage

Systems,

Inc.

3,729

376,032

Allegion

plc

4,804

564,710

American

Woodmark

Corp.

*

1,125

64,451

Apogee

Enterprises,

Inc.

1,038

48,620

Armstrong

World

Industries,

Inc.

(d)

2,113

163,567

AZEK

Co.,

Inc.

(The)

*(d)

6,430

155,156

Builders

FirstSource,

Inc.

*(d)

8,319

663,024

Caesarstone

Ltd.

(d)

815

5,086

Carlisle

Cos.,

Inc.

2,819

707,174

Carrier

Global

Corp.

47,407

2,158,441

CSW

Industrials,

Inc.

1,109

149,948

Daikin

Industries

Ltd.

8,700

1,514,804

Fortune

Brands

Innovations,

Inc.

(d)

6,782

437,507

Gibraltar

Industries,

Inc.

*

2,591

138,800

Griffon

Corp.

2,450

100,156

Hayward

Holdings,

Inc.

*(d)

2,016

27,196

Insteel

Industries,

Inc.

787

23,602

Janus

International

Group,

Inc.

*

6,296

69,256

JELD-WEN

Holding,

Inc.

*

5,199

65,767

Johnson

Controls

International

plc

41,323

2,874,841

Lennox

International,

Inc.

1,656

431,587

Masco

Corp.

15,978

850,030

Masonite

International

Corp.

*

1,436

130,992

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Building

Products

Masterbrand,

Inc.

*

6,231

57,325

Owens

Corning

5,261

508,476

PGT

Innovations,

Inc.

*

3,990

86,583

Quanex

Building

Products

Corp.

1,333

34,511

Resideo

Technologies,

Inc.

*

7,686

147,802

Simpson

Manufacturing

Co.,

Inc.

2,547

272,809

Tecnoglass,

Inc.

133

4,554

Trane

Technologies

plc

12,914

2,313,156

Trex

Co.,

Inc.

*(d)

5,975

315,002

UFP

Industries,

Inc.

2,921

273,259

View,

Inc.

*

4,690

3,846

Zurn

Elkay

Water

Solutions

Corp.

6,927

151,424

16,531,760

Capital

Markets

1.5%

Affiliated

Managers

Group,

Inc.

1,982

342,371

Ameriprise

Financial,

Inc.

5,819

2,037,348

Ares

Capital

Corp.

1,661

32,174

Ares

Management

Corp.

9,097

754,960

Artisan

Partners

Asset

Management,

Inc.,

Class A

(d)

5,810

213,924

AssetMark

Financial

Holdings,

Inc.

*

3,892

103,294

Associated

Capital

Group,

Inc.,

Class A

184

7,001

Avantax,

Inc.

*

4,690

136,667

B.

Riley

Financial,

Inc.

(d)

1,988

84,947

Bakkt

Holdings,

Inc.

*

362

568

Bank

of

New

York

Mellon

Corp.

(The)

46,101

2,331,328

BGC

Partners,

Inc.,

Class A

26,909

117,054

BlackRock,

Inc.

899

682,530

Blackstone,

Inc.,

Class A

39,546

3,794,834

Blue

Owl

Capital,

Inc.

42,810

538,550

Bridge

Investment

Group

Holdings,

Inc.,

Class A

174

2,591

Brightsphere

Investment

Group,

Inc.

(d)

6,246

146,469

Carlyle

Group,

Inc.

(The)

14,574

524,227

Cboe

Global

Markets,

Inc.

6,463

794,173

Charles

Schwab

Corp.

(The)

86,108

6,666,481

CME

Group,

Inc.

21,559

3,808,613

Cohen

&

Steers,

Inc.

2,485

182,573

Coinbase

Global,

Inc.,

Class A

*(d)

9,125

533,630

Cowen,

Inc.,

Class A

1,933

75,155

Diamond

Hill

Investment

Group,

Inc.

(d)

405

76,314

Donnelley

Financial

Solutions,

Inc.

*

1,204

54,914

ESC

PERSHING

SQUARE

*∞

1,191

0

Evercore,

Inc.,

Class A

2,639

342,569

FactSet

Research

Systems,

Inc.

2,282

965,149

Federated

Hermes,

Inc.,

Class B

6,708

263,624

Common

Stocks

Shares

Value

($)

Capital

Markets

Focus

Financial

Partners,

Inc.,

Class A

*

3,648

164,707

Forge

Global

Holdings,

Inc.

*

638

1,346

Franklin

Resources,

Inc.

(d)

22,532

702,998

FS

KKR

Capital

Corp.

(d)

6,795

133,590

GCM

Grosvenor,

Inc.,

Class A

3,601

32,265

Goldman

Sachs

Group,

Inc.

(The)

18,919

6,920,759

Hamilton

Lane,

Inc.,

Class A

2,289

178,222

Houlihan

Lokey,

Inc.

3,419

338,720

Interactive

Brokers

Group,

Inc.,

Class A

5,750

459,655

Intercontinental

Exchange,

Inc.

34,557

3,716,605

Invesco

Ltd.

23,800

440,538

Janus

Henderson

Group

plc

9,274

240,382

Jefferies

Financial

Group,

Inc.

13,086

514,018

KKR

&

Co.,

Inc.

33,153

1,850,269

Lazard

Ltd.,

Class A

1,008

40,401

LPL

Financial

Holdings,

Inc.

4,546

1,077,948

MarketAxess

Holdings,

Inc.

2,164

787,371

Moelis

&

Co.,

Class A

(d)

4,660

217,855

Moody's

Corp.

(d)

9,575

3,090,331

Morgan

Stanley

71,610

6,969,801

Morningstar,

Inc.

1,227

298,014

MSCI,

Inc.

4,623

2,457,402

Nasdaq,

Inc.

23,529

1,416,211

Northern

Trust

Corp.

12,746

1,235,980

Open

Lending

Corp.,

Class A

*

5,586

48,989

Oppenheimer

Holdings,

Inc.,

Class A

595

28,328

Owl

Rock

Capital

Corp.

8,942

116,872

P10,

Inc.,

Class A

248

2,802

Patria

Investments

Ltd.,

Class A

351

5,416

Perella

Weinberg

Partners

12,025

123,256

Piper

Sandler

Cos.

1,236

175,636

PJT

Partners,

Inc.,

Class A

1,943

155,498

Raymond

James

Financial,

Inc.

11,629

1,311,374

Robinhood

Markets,

Inc.,

Class A

*(d)

34,635

360,550

S&P

Global,

Inc.

18,858

7,070,619

Sculptor

Capital

Management,

Inc.

(d)

768

7,135

SEI

Investments

Co.

(d)

8,770

547,511

Silvercrest

Asset

Management

Group,

Inc.,

Class A

3,180

60,102

State

Street

Corp.

21,338

1,948,800

StepStone

Group,

Inc.,

Class A

4,015

117,198

Stifel

Financial

Corp.

7,308

492,632

StoneX

Group,

Inc.

*

1,594

140,081

SuRo

Capital

Corp.

173

692

T.

Rowe

Price

Group,

Inc.

(d)

13,818

1,609,382

TPG,

Inc.

(d)

392

12,626

Tradeweb

Markets,

Inc.,

Class A

7,331

546,453

Trinity

Capital,

Inc.

212

2,839

UBS

Group

AG

(Registered)

REG

(d)

3,954

84,853

36

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Capital

Markets

Value

Line,

Inc.

41

2,120

Victory

Capital

Holdings,

Inc.,

Class A

3,095

91,736

Virtu

Financial,

Inc.,

Class A

6,304

121,730

Virtus

Investment

Partners,

Inc.

678

145,689

WisdomTree,

Inc.

1,532

8,824

74,239,163

Chemicals

0.9%

AdvanSix,

Inc.

1,119

48,386

Air

Products

&

Chemicals,

Inc.

12,296

3,940,991

Albemarle

Corp.

6,575

1,850,534

American

Vanguard

Corp.

1,212

27,379

Amyris,

Inc.

*(d)

5,831

9,271

Ashland,

Inc.

3,123

341,250

Aspen

Aerogels,

Inc.

*

813

8,536

Avient

Corp.

5,081

205,882

Axalta

Coating

Systems

Ltd.

*

13,865

417,336

Balchem

Corp.

1,724

225,206

Cabot

Corp.

(d)

2,617

197,139

Celanese

Corp.

5,759

709,509

CF

Industries

Holdings,

Inc.

10,986

930,514

Chase

Corp.

300

28,314

Chemours

Co.

(The)

8,404

305,822

Corteva,

Inc.

41,460

2,672,097

Danimer

Scientific,

Inc.

*

2,466

5,622

Diversey

Holdings

Ltd.

*

773

4,692

Dow,

Inc.

40,076

2,378,511

DuPont

de

Nemours,

Inc.

29,923

2,212,806

Eastman

Chemical

Co.

7,513

662,421

Ecolab,

Inc.

14,268

2,209,114

Ecovyst,

Inc.

*

1,823

19,123

Element

Solutions,

Inc.

12,761

261,345

FMC

Corp.

7,092

944,158

FutureFuel

Corp.

1,106

10,253

Ginkgo

Bioworks

Holdings,

Inc.

*(d)

49,943

97,389

Hawkins,

Inc.

784

30,576

HB

Fuller

Co.

2,508

173,303

Huntsman

Corp.

(d)

10,845

343,678

Ingevity

Corp.

*(d)

2,219

182,934

Innospec,

Inc.

1,672

188,969

International

Flavors

&

Fragrances,

Inc.

14,293

1,607,391

Intrepid

Potash,

Inc.

*(d)

392

12,830

Koppers

Holdings,

Inc.

826

28,588

Kronos

Worldwide,

Inc.

949

11,056

Linde

plc

24,189

8,005,108

Livent

Corp.

*(d)

9,389

243,363

Loop

Industries,

Inc.

*

157

393

LSB

Industries,

Inc.

*

3,797

48,260

LyondellBasell

Industries

NV,

Class A

14,175

1,370,581

Mativ

Holdings,

Inc.

(d)

2,146

59,144

Minerals

Technologies,

Inc.

2,013

139,803

Mosaic

Co.

(The)

19,344

958,302

NewMarket

Corp.

395

136,081

Olin

Corp.

6,728

434,562

Origin

Materials,

Inc.

*(d)

10,085

61,014

Orion

Engineered

Carbons

SA

3,727

78,342

Perimeter

Solutions

SA

*(d)

8,084

75,181

Common

Stocks

Shares

Value

($)

Chemicals

PPG

Industries,

Inc.

13,212

1,722,052

PureCycle

Technologies,

Inc.

*(d)

8,589

71,976

Quaker

Chemical

Corp.

(d)

725

142,731

Rayonier

Advanced

Materials,

Inc.

*

2,443

16,930

RPM

International,

Inc.

7,425

667,582

Scotts

Miracle-Gro

Co.

(The)

(d)

2,192

158,240

Sensient

Technologies

Corp.

(d)

2,622

198,459

Sherwin-Williams

Co.

(The)

13,401

3,170,543

Shin-Etsu

Chemical

Co.

Ltd.

28,200

4,200,262

Stepan

Co.

1,344

147,625

Tredegar

Corp.

1,065

12,918

Trinseo

plc

(d)

1,870

51,892

Tronox

Holdings

plc

6,410

109,932

Valvoline,

Inc.

9,478

347,463

Westlake

Corp.

1,688

207,202

46,138,866

Commercial

Services

&

Supplies

0.3%

ABM

Industries,

Inc.

3,904

183,137

ACCO

Brands

Corp.

3,374

21,425

ACV

Auctions,

Inc.,

Class A

*(d)

8,253

80,879

Aris

Water

Solution,

Inc.,

Class A

(d)

2,904

44,983

Aurora

Innovation,

Inc.

*(d)

2,318

4,219

Brady

Corp.,

Class A

(d)

2,943

157,362

BrightView

Holdings,

Inc.

*

1,286

10,224

Brink's

Co.

(The)

2,122

139,203

Casella

Waste

Systems,

Inc.,

Class A

*

2,642

211,677

CECO

Environmental

Corp.

*

185

2,662

Cimpress

plc

*

1,044

34,128

Cintas

Corp.

5,091

2,259,080

Civeo

Corp.

*

82

2,809

Clean

Harbors,

Inc.

*

2,767

360,540

CompX

International,

Inc.

68

1,288

Copart,

Inc.

*

24,182

1,610,763

CoreCivic,

Inc.

*(d)

8,667

92,217

Deluxe

Corp.

2,723

54,433

Driven

Brands

Holdings,

Inc.

*(d)

3,541

103,362

Ennis,

Inc.

1,013

21,516

GEO

Group,

Inc.

(The)

*(d)

4,283

49,254

Harsco

Corp.

*

2,993

23,764

Healthcare

Services

Group,

Inc.

(d)

5,264

70,906

Heritage-Crystal

Clean,

Inc.

*(d)

663

24,664

HNI

Corp.

3,736

118,693

IAA,

Inc.

*

7,223

301,416

Interface,

Inc.

2,295

26,117

KAR

Auction

Services,

Inc.

*

6,302

91,757

Kimball

International,

Inc.,

Class B

1,453

10,752

Li-Cycle

Holdings

Corp.

*

8,155

44,363

Matthews

International

Corp.,

Class A

1,214

44,967

MillerKnoll,

Inc.

4,281

102,230

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Montrose

Environmental

Group,

Inc.

*

799

43,274

MSA

Safety,

Inc.

1,983

270,461

NL

Industries,

Inc.

361

2,549

Pitney

Bowes,

Inc.

2,132

9,189

Republic

Services,

Inc.

11,387

1,421,325

Rollins,

Inc.

(d)

13,792

502,029

SP

Plus

Corp.

*

911

34,354

Steelcase,

Inc.,

Class A

11,090

86,502

Stericycle,

Inc.

*(d)

6,047

325,389

Tetra

Tech,

Inc.

2,931

455,829

UniFirst

Corp.

791

156,966

Viad

Corp.

*

830

24,527

VSE

Corp.

(d)

67

3,678

Waste

Management,

Inc.

23,691

3,665,708

13,306,570

Communications

Equipment

0.4%

ADTRAN

Holdings,

Inc.

4,379

82,632

Arista

Networks,

Inc.

*

13,924

1,754,702

Aviat

Networks,

Inc.

*(d)

70

2,264

CalAmp

Corp.

*

230

1,065

Calix,

Inc.

*(d)

3,047

160,394

Cambium

Networks

Corp.

*

224

4,800

Casa

Systems,

Inc.

*

1,206

4,125

Ciena

Corp.

*

9,638

501,369

Cisco

Systems,

Inc.

229,607

11,174,973

Clearfield,

Inc.

*(d)

569

40,661

CommScope

Holding

Co.,

Inc.

*

12,666

106,394

Comtech

Telecommunications

Corp.

1,038

16,463

Digi

International,

Inc.

*

1,222

41,536

DZS,

Inc.

*

462

5,867

Extreme

Networks,

Inc.

*

6,960

125,489

F5,

Inc.

*

3,271

482,996

Harmonic,

Inc.

*(d)

3,647

48,031

Infinera

Corp.

*(d)

12,050

88,206

Inseego

Corp.

*(d)

2,768

3,211

Juniper

Networks,

Inc.

18,543

598,939

Lumentum

Holdings,

Inc.

*(d)

4,107

247,159

Motorola

Solutions,

Inc.

9,590

2,464,726

NETGEAR,

Inc.

*

1,188

23,724

NetScout

Systems,

Inc.

*(d)

4,149

133,183

Ribbon

Communications,

Inc.

*

3,048

10,698

Ubiquiti,

Inc.

(d)

355

103,717

Viasat,

Inc.

*(d)

3,851

132,667

Viavi

Solutions,

Inc.

*(d)

14,914

168,528

18,528,519

Construction

&

Engineering

0.1%

AECOM

(d)

8,485

740,486

Ameresco,

Inc.,

Class A

*(d)

1,736

111,920

API

Group

Corp.

*

10,002

222,444

Arcosa,

Inc.

2,822

167,260

Argan,

Inc.

595

23,199

Comfort

Systems

USA,

Inc.

1,986

240,385

Concrete

Pumping

Holdings,

Inc.

*

1,025

8,344

Construction

Partners,

Inc.,

Class A

*

3,383

95,705

Dycom

Industries,

Inc.

*

1,723

164,323

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

EMCOR

Group,

Inc.

2,582

382,782

Fluor

Corp.

*(d)

8,229

302,416

Granite

Construction,

Inc.

(d)

3,295

140,301

Great

Lakes

Dredge

&

Dock

Corp.

*

2,568

17,668

IES

Holdings,

Inc.

*

272

10,828

MasTec,

Inc.

*(d)

3,161

310,505

MDU

Resources

Group,

Inc.

10,942

338,217

MYR

Group,

Inc.

*

569

56,365

Northwest

Pipe

Co.

*(d)

347

12,978

Primoris

Services

Corp.

4,152

110,443

Quanta

Services,

Inc.

(d)

7,957

1,210,976

Sterling

Infrastructure,

Inc.

*

1,166

42,431

Tutor

Perini

Corp.

*

1,621

14,865

Valmont

Industries,

Inc.

(d)

1,140

375,892

WillScot

Mobile

Mini

Holdings

Corp.

*

11,051

535,531

5,636,264

Construction

Materials

0.1%

Eagle

Materials,

Inc.

2,181

318,600

Martin

Marietta

Materials,

Inc.

3,744

1,346,492

Summit

Materials,

Inc.,

Class A

*(d)

6,744

221,608

United

States

Lime

&

Minerals,

Inc.

82

12,448

Vulcan

Materials

Co.

7,370

1,351,142

3,250,290

Consumer

Finance

0.3%

Ally

Financial,

Inc.

16,931

550,088

American

Express

Co.

33,774

5,908,086

Atlanticus

Holdings

Corp.

*(d)

180

5,850

Bread

Financial

Holdings,

Inc.

2,603

106,801

Capital

One

Financial

Corp.

21,340

2,539,460

Credit

Acceptance

Corp.

*(d)

440

203,562

Curo

Group

Holdings

Corp.

750

3,030

Discover

Financial

Services

15,444

1,802,778

Encore

Capital

Group,

Inc.

*(d)

1,207

67,254

Enova

International,

Inc.

*

1,804

82,353

EZCORP,

Inc.,

Class A

*(d)

2,391

21,782

FirstCash

Holdings,

Inc.

2,061

189,983

Green

Dot

Corp.,

Class A

*

519

9,383

Katapult

Holdings,

Inc.

*

279

273

LendingClub

Corp.

*

5,582

54,090

LendingTree,

Inc.

*

785

31,133

Moneylion,

Inc.

*(d)

778

612

Navient

Corp.

6,712

127,327

Nelnet,

Inc.,

Class A

822

78,493

NerdWallet,

Inc.,

Class A

*(d)

216

2,525

OneMain

Holdings,

Inc.

6,452

278,339

Oportun

Financial

Corp.

*

832

5,832

PRA

Group,

Inc.

*(d)

3,343

134,522

PROG

Holdings,

Inc.

*

3,492

77,837

Regional

Management

Corp.

393

13,554

SLM

Corp.

13,161

231,239

SoFi

Technologies,

Inc.

*(d)

43,361

300,492

Sunlight

Financial

Holdings,

Inc.

*

289

373

Synchrony

Financial

(d)

25,789

947,230

Upstart

Holdings,

Inc.

*(d)

4,129

77,130

38

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Consumer

Finance

World

Acceptance

Corp.

*(d)

202

19,335

13,870,746

Containers

&

Packaging

0.2%

Amcor

plc

85,605

1,032,396

AptarGroup,

Inc.

3,968

458,859

Ardagh

Group

SA

*^∞(d)

742

7,813

Ardagh

Metal

Packaging

SA

(d)

9,312

52,333

Avery

Dennison

Corp.

4,420

837,325

Ball

Corp.

(d)

18,029

1,050,009

Berry

Global

Group,

Inc.

6,920

427,172

Crown

Holdings,

Inc.

6,771

596,931

Graphic

Packaging

Holding

Co.

16,295

392,547

Greif,

Inc.,

Class A

(d)

1,163

85,838

International

Paper

Co.

20,961

876,589

Myers

Industries,

Inc.

1,495

36,000

O-I

Glass,

Inc.

*

7,995

153,904

Packaging

Corp.

of

America

5,341

762,161

Pactiv

Evergreen,

Inc.

2,143

24,666

Ranpak

Holdings

Corp.

*

2,393

18,330

Sealed

Air

Corp.

8,212

449,689

Silgan

Holdings,

Inc.

4,374

235,715

Sonoco

Products

Co.

(d)

5,836

356,638

TriMas

Corp.

1,674

51,542

Westrock

Co.

15,390

603,904

8,510,361

Distributors

0.1%

Funko,

Inc.,

Class A

*(d)

1,051

12,717

Genuine

Parts

Co.

7,864

1,319,736

LKQ

Corp.

15,837

933,750

Pool

Corp.

2,175

838,702

3,104,905

Diversified

Consumer

Services

0.1%

2U,

Inc.

*

4,277

36,910

ADT,

Inc.

10,306

90,590

Adtalem

Global

Education,

Inc.

*(d)

1,885

71,969

American

Public

Education,

Inc.

*

607

7,351

Beachbody

Co.,

Inc.

(The)

*

911

566

Bright

Horizons

Family

Solutions,

Inc.

*

3,161

242,702

Carriage

Services,

Inc.

702

22,759

Chegg,

Inc.

*

7,890

163,796

Coursera,

Inc.

*

9,017

143,821

Duolingo,

Inc.

*(d)

1,310

125,092

European

Wax

Center,

Inc.,

Class A

(d)

252

4,748

Frontdoor,

Inc.

*

4,411

119,891

Graham

Holdings

Co.,

Class B

221

144,381

Grand

Canyon

Education,

Inc.

*

1,840

214,470

H&R

Block,

Inc.

8,913

347,429

Laureate

Education,

Inc.,

Class A

7,179

78,825

Mister

Car

Wash,

Inc.

*(d)

5,521

56,701

Nerdy,

Inc.

*

275

781

OneSpaWorld

Holdings

Ltd.

*

1,965

20,652

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Perdoceo

Education

Corp.

*

2,677

40,075

Rover

Group,

Inc.

*

810

3,313

Service

Corp.

International

8,163

605,286

Strategic

Education,

Inc.

1,673

156,175

Stride,

Inc.

*(d)

2,456

105,436

Udemy,

Inc.

*

4,861

60,957

Vivint

Smart

Home,

Inc.

*(d)

5,961

71,413

WW

International,

Inc.

*

1,652

8,210

2,944,299

Diversified

Financial

Services

0.8%

Alerus

Financial

Corp.

530

10,907

A-Mark

Precious

Metals,

Inc.

(d)

1,735

66,798

Apollo

Global

Management,

Inc.

27,126

1,919,978

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

4,925

84,858

Berkshire

Hathaway,

Inc.,

Class B

*

97,922

30,504,661

Cannae

Holdings,

Inc.

*

5,270

128,799

Compass

Diversified

Holdings

2,665

59,483

Corebridge

Financial,

Inc.

917

19,954

Equitable

Holdings,

Inc.

25,852

829,074

Jackson

Financial,

Inc.,

Class A

4,016

176,865

ORIX

Corp.

350,900

6,163,465

Voya

Financial,

Inc.

(d)

5,072

353,873

40,318,715

Diversified

Telecommunication

Services

0.4%

Anterix,

Inc.

*

525

18,937

AST

SpaceMobile,

Inc.

*

273

1,470

AT&T,

Inc.

409,528

8,342,085

ATN

International,

Inc.

446

21,800

Bandwidth,

Inc.,

Class A

*

770

19,158

Charge

Enterprises,

Inc.

*(d)

9,733

13,042

Cogent

Communications

Holdings,

Inc.

2,446

167,722

Consolidated

Communications

Holdings,

Inc.

*

2,950

12,833

EchoStar

Corp.,

Class A

*

1,139

21,311

Frontier

Communications

Parent,

Inc.

*

13,808

408,855

Globalstar,

Inc.

*(d)

53,185

74,991

IDT

Corp.,

Class B

*

1,589

46,701

Iridium

Communications,

Inc.

*

6,767

404,937

Liberty

Latin

America

Ltd.,

Class A

*

9,974

98,177

Lumen

Technologies,

Inc.

(d)

52,715

276,754

Ooma,

Inc.

*

774

11,122

Radius

Global

Infrastructure,

Inc.

*

2,489

33,527

Verizon

Communications,

Inc.

235,235

9,778,719

19,752,141

Electric

Utilities

0.8%

ALLETE,

Inc.

3,387

209,520

Alliant

Energy

Corp.

14,019

757,447

American

Electric

Power

Co.,

Inc.

30,086

2,826,881

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Electric

Utilities

Avangrid,

Inc.

(d)

4,469

188,458

Constellation

Energy

Corp.

18,222

1,555,430

Duke

Energy

Corp.

43,073

4,412,829

Edison

International

(d)

21,595

1,487,895

Entergy

Corp.

11,393

1,233,634

Evergy,

Inc.

12,716

796,657

Eversource

Energy

19,001

1,564,352

Exelon

Corp.

58,282

2,458,918

FirstEnergy

Corp.

29,988

1,228,009

Hawaiian

Electric

Industries,

Inc.

7,441

314,531

IDACORP,

Inc.

(d)

2,788

294,998

MGE

Energy,

Inc.

2,228

162,889

NextEra

Energy,

Inc.

(d)

111,268

8,303,931

NRG

Energy,

Inc.

(d)

12,755

436,476

OGE

Energy

Corp.

(d)

11,381

447,501

Otter

Tail

Corp.

2,269

145,556

PG&E

Corp.

*(d)

92,312

1,467,761

Pinnacle

West

Capital

Corp.

6,488

483,680

PNM

Resources,

Inc.

4,648

229,983

Portland

General

Electric

Co.

(d)

4,813

229,003

PPL

Corp.

43,400

1,284,640

Southern

Co.

(The)

63,818

4,319,202

Via

Renewables,

Inc.

(d)

425

2,852

Xcel

Energy,

Inc.

30,598

2,104,224

38,947,257

Electrical

Equipment

0.5%

374Water,

Inc.

*

338

1,078

Acuity

Brands,

Inc.

(d)

1,863

351,213

Allied

Motion

Technologies,

Inc.

504

20,483

American

Superconductor

Corp.

*

182

988

AMETEK,

Inc.

12,505

1,812,225

Amprius

Technologies,

Inc.

*(d)

63

410

Array

Technologies,

Inc.

*(d)

8,829

196,269

Atkore,

Inc.

*

2,406

313,381

AZZ,

Inc.

(d)

1,029

43,712

Babcock

&

Wilcox

Enterprises,

Inc.

*

380

2,523

Blink

Charging

Co.

*(d)

1,406

19,136

Bloom

Energy

Corp.,

Class A

*

9,935

247,680

ChargePoint

Holdings,

Inc.

*(d)

13,217

160,454

Eaton

Corp.

plc

23,032

3,736,021

Emerson

Electric

Co.

33,520

3,024,174

Encore

Wire

Corp.

(d)

1,077

173,860

Energy

Vault

Holdings,

Inc.

*(d)

619

2,625

EnerSys

2,593

215,271

Enovix

Corp.

*

5,154

40,923

Eos

Energy

Enterprises,

Inc.

*

384

564

ESS

Tech,

Inc.

*

368

813

Fluence

Energy,

Inc.

*(d)

2,131

51,442

FREYR

Battery

SA

*(d)

640

5,638

FTC

Solar,

Inc.

*(d)

275

756

FuelCell

Energy,

Inc.

*(d)

19,251

70,459

Fuji

Electric

Co.

Ltd.

98,600

3,989,311

Generac

Holdings,

Inc.

*

3,490

420,894

Common

Stocks

Shares

Value

($)

Electrical

Equipment

GrafTech

International

Ltd.

11,700

76,518

Heliogen,

Inc.

*

1,049

669

Hubbell,

Inc.

3,070

702,754

Nidec

Corp.

44,700

2,473,396

NuScale

Power

Corp.

*(d)

188

2,004

nVent

Electric

plc

9,236

367,131

Plug

Power,

Inc.

*(d)

30,517

519,399

Powell

Industries,

Inc.

383

15,205

Preformed

Line

Products

Co.

117

10,335

Regal

Rexnord

Corp.

3,616

503,347

Rockwell

Automation,

Inc.

6,481

1,827,836

Sensata

Technologies

Holding

plc

8,091

411,427

SES

AI

Corp.

*(d)

1,161

3,831

Shoals

Technologies

Group,

Inc.,

Class A

*(d)

7,150

199,413

SKYX

Platforms

Corp.

*

294

941

Stem,

Inc.

*(d)

8,508

83,889

SunPower

Corp.

*(d)

4,498

78,400

Sunrun,

Inc.

*

11,870

311,944

Thermon

Group

Holdings,

Inc.

*

1,361

31,466

TPI

Composites,

Inc.

*

1,274

16,626

Vertiv

Holdings

Co.

(d)

16,053

228,274

Vicor

Corp.

*(d)

1,216

84,427

22,851,535

Electronic

Equipment,

Instruments

&

Components

0.6%

908

Devices,

Inc.

*

426

3,970

Advanced

Energy

Industries,

Inc.

2,127

197,258

Aeva

Technologies,

Inc.

*(d)

4,420

7,470

AEye,

Inc.

*

749

468

Akoustis

Technologies,

Inc.

*(d)

1,123

4,144

Amphenol

Corp.,

Class A

32,646

2,604,171

Arlo

Technologies,

Inc.

*

3,071

11,516

Arrow

Electronics,

Inc.

*

3,486

409,570

Avnet,

Inc.

4,821

221,188

Badger

Meter,

Inc.

1,714

198,653

Bel

Fuse,

Inc.,

Class B

65

2,564

Belden,

Inc.

2,504

203,049

Benchmark

Electronics,

Inc.

2,569

71,906

CDW

Corp.

7,401

1,450,818

Cepton,

Inc.

*

263

318

Cognex

Corp.

9,647

528,077

Coherent

Corp.

*(d)

6,910

299,891

Corning,

Inc.

42,484

1,470,371

CTS

Corp.

1,614

71,839

ePlus,

Inc.

*

1,298

64,614

Evolv

Technologies

Holdings,

Inc.

*

383

1,172

Fabrinet

*(d)

2,114

278,329

FARO

Technologies,

Inc.

*

714

19,621

Flex

Ltd.

*

7,445

173,841

Focus

Universal,

Inc.

*

117

679

Hamamatsu

Photonics

KK

56,700

3,027,077

Ibiden

Co.

Ltd.

108,100

4,228,622

Identiv,

Inc.

*

139

1,212

Insight

Enterprises,

Inc.

*(d)

1,271

143,267

IPG

Photonics

Corp.

*

2,071

232,159

Itron,

Inc.

*(d)

2,659

152,813

40

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Jabil,

Inc.

(d)

7,605

597,981

Keyence

Corp.

9,000

4,157,341

Keysight

Technologies,

Inc.

*

9,961

1,786,505

Kimball

Electronics,

Inc.

*

988

25,214

Knowles

Corp.

*(d)

4,801

92,323

Lightwave

Logic,

Inc.

*(d)

8,433

53,044

Littelfuse,

Inc.

1,234

316,755

Methode

Electronics,

Inc.

(d)

2,738

130,712

MicroVision,

Inc.

*(d)

5,537

13,898

Mirion

Technologies,

Inc.

*(d)

11,674

92,808

Napco

Security

Technologies,

Inc.

*

1,011

29,289

National

Instruments

Corp.

7,765

419,310

nLight,

Inc.

*

1,427

17,695

Novanta,

Inc.

*

1,928

311,314

OSI

Systems,

Inc.

*

389

36,842

Ouster,

Inc.

*

831

1,188

PAR

Technology

Corp.

*(d)

706

23,997

PC

Connection,

Inc.

461

22,603

Plexus

Corp.

*

1,397

134,098

Rogers

Corp.

*

1,042

145,453

Sanmina

Corp.

*(d)

3,257

198,449

ScanSource,

Inc.

*

1,947

64,115

SmartRent,

Inc.

*(d)

11,021

32,181

TD

SYNNEX

Corp.

2,262

231,063

Teledyne

Technologies,

Inc.

*

2,554

1,083,560

Trimble,

Inc.

*

14,549

844,715

TTM

Technologies,

Inc.

*(d)

6,311

99,209

Velodyne

Lidar,

Inc.

*

4,165

4,873

Vishay

Intertechnology,

Inc.

8,158

186,737

Vishay

Precision

Group,

Inc.

*

478

20,640

Vontier

Corp.

8,685

200,016

Zebra

Technologies

Corp.,

Class A

*

2,863

905,223

28,359,798

Energy

Equipment

&

Services

0.2%

Archrock,

Inc.

10,610

105,145

Baker

Hughes

Co.

(d)

52,991

1,681,934

Borr

Drilling

Ltd.

*(d)

9,322

55,466

Bristow

Group,

Inc.

*

365

11,147

Cactus,

Inc.,

Class A

3,616

195,662

ChampionX

Corp.

11,092

366,258

Diamond

Offshore

Drilling,

Inc.

*

10,046

115,127

DMC

Global,

Inc.

*

618

14,053

Dril-Quip,

Inc.

*

1,952

59,946

Expro

Group

Holdings

NV

*

5,475

103,423

Halliburton

Co.

50,324

2,074,355

Helix

Energy

Solutions

Group,

Inc.

*

5,874

46,581

Helmerich

&

Payne,

Inc.

(d)

6,642

321,739

Liberty

Energy,

Inc.,

Class A

6,615

104,715

Nabors

Industries

Ltd.

*

518

91,966

National

Energy

Services

Reunited

Corp.

*

1,149

8,686

Newpark

Resources,

Inc.

*

3,346

15,191

NexTier

Oilfield

Solutions,

Inc.

*

7,043

66,345

Noble

Corp.

plc

*

3,933

160,034

NOV,

Inc.

22,567

551,538

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Oceaneering

International,

Inc.

*(d)

6,298

134,462

Oil

States

International,

Inc.

*(d)

2,294

19,637

Patterson-UTI

Energy,

Inc.

12,531

210,521

ProFrac

Holding

Corp.,

Class A

*(d)

119

2,678

ProPetro

Holding

Corp.

*

3,619

36,009

RPC,

Inc.

(d)

9,424

93,486

Schlumberger

Ltd.

79,115

4,507,973

Select

Energy

Services,

Inc.,

Class A

2,598

22,810

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

1,199

12,697

TETRA

Technologies,

Inc.

*

14,191

56,196

Tidewater,

Inc.

*

3,222

139,835

US

Silica

Holdings,

Inc.

*

2,909

35,606

Valaris

Ltd.

*

2,862

207,896

Weatherford

International

plc

*

3,582

203,744

11,832,861

Entertainment

0.8%

Activision

Blizzard,

Inc.

42,923

3,286,614

AMC

Entertainment

Holdings,

Inc.,

Class A

*(d)

17,682

94,599

Capcom

Co.

Ltd.

140,900

4,555,199

Cinemark

Holdings,

Inc.

*

6,673

79,676

Electronic

Arts,

Inc.

15,554

2,001,489

Endeavor

Group

Holdings,

Inc.,

Class A

*

849

19,043

Genius

Brands

International,

Inc.

*

1,924

1,405

IMAX

Corp.

*

1,679

28,543

Liberty

Media

Corp.-Liberty

Braves,

Class A

*(d)

1,825

63,460

Liberty

Media

Corp.-Liberty

Formula

One,

Class A

*

11,941

843,194

Lions

Gate

Entertainment

Corp.,

Class A

*

8,189

63,069

Live

Nation

Entertainment,

Inc.

*(d)

8,988

723,444

Madison

Square

Garden

Entertainment

Corp.

*(d)

1,849

96,684

Madison

Square

Garden

Sports

Corp.,

Class A

1,075

195,478

Marcus

Corp.

(The)

(d)

873

13,217

Netflix,

Inc.

*

24,537

8,682,663

Playstudios,

Inc.

*(d)

12,304

56,844

Playtika

Holding

Corp.

*(d)

5,608

58,828

Reservoir

Media,

Inc.

*

203

1,429

ROBLOX

Corp.,

Class A

*

24,038

894,454

Roku,

Inc.

*(d)

7,274

418,255

Sciplay

Corp.,

Class A

*

148

2,515

Skillz,

Inc.

*(d)

16,893

13,504

Spotify

Technology

SA

*

7,689

866,704

Take-Two

Interactive

Software,

Inc.

*

9,514

1,077,296

Walt

Disney

Co.

(The)

*

103,196

11,195,734

Warner

Bros

Discovery,

Inc.

*(d)

129,844

1,924,288

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Entertainment

Warner

Music

Group

Corp.,

Class A

761

27,738

World

Wrestling

Entertainment,

Inc.,

Class A

(d)

3,843

325,195

37,610,561

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

Acadia

Realty

Trust

3,792

58,890

Agree

Realty

Corp.

4,348

324,491

Alexander

&

Baldwin,

Inc.

5,492

109,950

Alexander's,

Inc.

83

19,694

Alexandria

Real

Estate

Equities,

Inc.

9,058

1,455,983

American

Assets

Trust,

Inc.

3,679

104,704

American

Homes

4

Rent,

Class A

16,669

571,580

American

Tower

Corp.

26,408

5,899,283

Americold

Realty

Trust,

Inc.

(d)

15,362

482,520

Apartment

Income

REIT

Corp.

7,728

295,673

Apartment

Investment

and

Management

Co.,

Class A

12,436

93,394

Apple

Hospitality

REIT,

Inc.

13,394

237,476

Armada

Hoffler

Properties,

Inc.

9,876

125,228

Ashford

Hospitality

Trust,

Inc.

*

221

1,523

AvalonBay

Communities,

Inc.

8,605

1,526,871

Belpointe

Prep

LLC

*

21

2,055

Bluerock

Homes

Trust,

Inc.

*

249

5,381

Boston

Properties,

Inc.

8,861

660,499

Braemar

Hotels

&

Resorts,

Inc.

414

2,194

Brandywine

Realty

Trust

10,797

70,828

Brixmor

Property

Group,

Inc.

16,376

385,327

Broadstone

Net

Lease,

Inc.

7,823

141,675

BRT

Apartments

Corp.

358

7,500

Camden

Property

Trust

5,812

716,097

CareTrust

REIT,

Inc.

5,024

104,097

CBL

&

Associates

Properties,

Inc.

2,517

67,078

Centerspace

1,289

87,162

Chatham

Lodging

Trust

1,930

27,425

City

Office

REIT,

Inc.

1,741

17,131

Clipper

Realty,

Inc.

525

3,696

Community

Healthcare

Trust,

Inc.

870

37,306

Corporate

Office

Properties

Trust

5,943

166,820

Cousins

Properties,

Inc.

6,042

165,672

Crown

Castle,

Inc.

24,160

3,578,338

CTO

Realty

Growth,

Inc.

778

15,280

CubeSmart

12,424

568,895

DiamondRock

Hospitality

Co.

10,071

96,984

Digital

Realty

Trust,

Inc.

16,013

1,835,410

Diversified

Healthcare

Trust

9,121

7,218

Douglas

Emmett,

Inc.

9,286

155,541

Easterly

Government

Properties,

Inc.

6,221

101,029

EastGroup

Properties,

Inc.

2,195

369,309

Elme

Communities

6,408

123,034

Empire

State

Realty

Trust,

Inc.,

Class A

5,273

43,977

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

EPR

Properties

4,245

180,328

Equinix,

Inc.

5,253

3,877,397

Equity

Commonwealth

7,550

192,676

Equity

LifeStyle

Properties,

Inc.

9,855

707,392

Equity

Residential

22,637

1,440,845

Essential

Properties

Realty

Trust,

Inc.

7,104

181,010

Essex

Property

Trust,

Inc.

3,776

853,640

Extra

Space

Storage,

Inc.

7,401

1,168,100

Farmland

Partners,

Inc.

1,196

15,404

Federal

Realty

Investment

Trust

4,180

466,195

First

Industrial

Realty

Trust,

Inc.

7,977

425,573

Four

Corners

Property

Trust,

Inc.

5,786

166,405

Franklin

Street

Properties

Corp.

4,186

12,893

Gaming

and

Leisure

Properties,

Inc.

13,059

699,440

Getty

Realty

Corp.

377

13,734

Gladstone

Commercial

Corp.

1,322

22,461

Gladstone

Land

Corp.

845

16,511

Global

Medical

REIT,

Inc.

1,653

18,563

Global

Net

Lease,

Inc.

8,255

123,412

Healthcare

Realty

Trust,

Inc.

22,350

481,196

Healthpeak

Properties,

Inc.

31,166

856,442

Hersha

Hospitality

Trust,

Class A

1,339

12,319

Highwoods

Properties,

Inc.

5,634

171,105

Host

Hotels

&

Resorts,

Inc.

40,373

761,031

Hudson

Pacific

Properties,

Inc.

11,455

130,472

Independence

Realty

Trust,

Inc.

11,510

216,733

Indus

Realty

Trust,

Inc.

113

7,243

Industrial

Logistics

Properties

Trust

6,261

27,611

Innovative

Industrial

Properties,

Inc.

1,369

122,909

InvenTrust

Properties

Corp.

3,712

92,317

Invitation

Homes,

Inc.

41,767

1,357,428

Iron

Mountain,

Inc.

16,779

915,798

iStar,

Inc.

4,545

42,178

JBG

SMITH

Properties

5,875

118,323

Kilroy

Realty

Corp.

7,477

306,856

Kimco

Realty

Corp.

47,791

1,073,386

Kite

Realty

Group

Trust

12,114

262,874

Lamar

Advertising

Co.,

Class A

4,495

478,897

Life

Storage,

Inc.

4,971

537,067

LTC

Properties,

Inc.

3,531

134,708

LXP

Industrial

Trust

14,500

167,475

Macerich

Co.

(The)

11,132

152,954

Medical

Properties

Trust,

Inc.

35,308

457,239

Mid-America

Apartment

Communities,

Inc.

6,598

1,100,019

National

Health

Investors,

Inc.

2,646

155,664

National

Retail

Properties,

Inc.

11,383

538,985

42

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

National

Storage

Affiliates

Trust

4,191

170,993

Necessity

Retail

REIT,

Inc.

(The)

4,462

30,475

NETSTREIT

Corp.

3,363

67,697

NexPoint

Residential

Trust,

Inc.

1,237

62,469

Office

Properties

Income

Trust

1,773

30,425

Omega

Healthcare

Investors,

Inc.

12,887

379,393

One

Liberty

Properties,

Inc.

701

16,901

Orion

Office

REIT,

Inc.

1,748

16,868

Outfront

Media,

Inc.

6,574

130,823

Paramount

Group,

Inc.

6,570

42,376

Park

Hotels

&

Resorts,

Inc.

14,195

208,808

Pebblebrook

Hotel

Trust

8,078

132,479

Phillips

Edison

&

Co.,

Inc.

7,938

266,082

Physicians

Realty

Trust

12,108

192,033

Piedmont

Office

Realty

Trust,

Inc.,

Class A

7,551

80,041

Plymouth

Industrial

REIT,

Inc.

2,898

64,857

Postal

Realty

Trust,

Inc.,

Class A

114

1,762

PotlatchDeltic

Corp.

4,079

199,667

Prologis,

Inc.

51,833

6,700,970

Public

Storage

8,579

2,610,933

Rayonier,

Inc.

9,202

334,861

Realty

Income

Corp.

34,483

2,338,982

Regency

Centers

Corp.

10,032

668,432

Retail

Opportunity

Investments

Corp.

14,193

224,675

Rexford

Industrial

Realty,

Inc.

9,730

617,563

RLJ

Lodging

Trust

10,799

135,743

RPT

Realty

3,053

31,995

Ryman

Hospitality

Properties,

Inc.

3,025

280,992

Sabra

Health

Care

REIT,

Inc.

12,427

167,765

Safehold,

Inc.

1,010

35,310

Saul

Centers,

Inc.

487

20,848

SBA

Communications

Corp.

5,963

1,774,171

Service

Properties

Trust

5,061

45,094

Simon

Property

Group,

Inc.

18,176

2,334,889

SITE

Centers

Corp.

10,079

137,578

SL

Green

Realty

Corp.

3,771

155,177

Spirit

Realty

Capital,

Inc.

8,188

359,289

STAG

Industrial,

Inc.

12,615

449,094

STORE

Capital

Corp.

14,509

467,335

Summit

Hotel

Properties,

Inc.

3,381

28,806

Sun

Communities,

Inc.

6,738

1,056,923

Sunstone

Hotel

Investors,

Inc.

14,910

163,861

Tanger

Factory

Outlet

Centers,

Inc.

6,871

131,305

Terreno

Realty

Corp.

4,254

274,085

UDR,

Inc.

18,520

788,767

UMH

Properties,

Inc.

4,549

81,518

Uniti

Group,

Inc.

12,188

80,319

Universal

Health

Realty

Income

Trust

504

27,624

Urban

Edge

Properties

6,985

110,014

Urstadt

Biddle

Properties,

Inc.,

Class A

1,259

23,644

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Ventas,

Inc.

22,791

1,180,802

Veris

Residential,

Inc.

*

6,478

112,069

VICI

Properties,

Inc.

54,523

1,863,596

Vornado

Realty

Trust

8,936

217,949

Welltower,

Inc.

26,556

1,992,762

Weyerhaeuser

Co.

50,608

1,742,433

Whitestone

REIT

1,624

16,906

WP

Carey,

Inc.

10,985

939,547

Xenia

Hotels

&

Resorts,

Inc.

4,285

63,846

75,014,047

Food

&

Staples

Retailing

0.7%

Albertsons

Cos.,

Inc.,

Class A

9,430

199,916

Andersons,

Inc.

(The)

(d)

1,254

46,122

BJ's

Wholesale

Club

Holdings,

Inc.

*

7,241

524,755

Casey's

General

Stores,

Inc.

1,993

470,169

Chefs'

Warehouse,

Inc.

(The)

*(d)

2,768

105,821

Costco

Wholesale

Corp.

24,863

12,708,474

Grocery

Outlet

Holding

Corp.

*

4,788

145,507

HF

Foods

Group,

Inc.

*

1,518

7,074

Ingles

Markets,

Inc.,

Class A

578

54,910

Kroger

Co.

(The)

36,578

1,632,476

Natural

Grocers

by

Vitamin

Cottage,

Inc.

359

3,565

Performance

Food

Group

Co.

*

8,581

526,187

PriceSmart,

Inc.

1,321

98,163

Rite

Aid

Corp.

*

2,156

7,869

SpartanNash

Co.

3,067

97,163

Sprouts

Farmers

Market,

Inc.

*

6,010

192,019

Sysco

Corp.

31,131

2,411,407

United

Natural

Foods,

Inc.

*(d)

3,201

133,226

US

Foods

Holding

Corp.

*(d)

12,560

478,913

Village

Super

Market,

Inc.,

Class A

257

5,978

Walgreens

Boots

Alliance,

Inc.

(d)

43,621

1,607,870

Walmart,

Inc.

79,284

11,406,589

Weis

Markets,

Inc.

1,202

103,781

32,967,954

Food

Products

0.6%

Ajinomoto

Co.,

Inc.

146,300

4,822,628

AppHarvest,

Inc.

*(d)

2,534

6,183

Archer-Daniels-Midland

Co.

30,701

2,543,578

B&G

Foods,

Inc.

(d)

4,016

56,304

Benson

Hill,

Inc.

*

16,804

45,035

Beyond

Meat,

Inc.

*(d)

3,172

52,116

BRC,

Inc.,

Class A

*

258

1,703

Bunge

Ltd.

7,928

785,665

Calavo

Growers,

Inc.

666

21,345

Cal-Maine

Foods,

Inc.

(d)

1,888

108,031

Campbell

Soup

Co.

11,332

588,471

Conagra

Brands,

Inc.

26,420

982,560

Darling

Ingredients,

Inc.

*

8,934

592,235

Dole

plc

454

5,235

Flowers

Foods,

Inc.

10,352

286,647

Fresh

Del

Monte

Produce,

Inc.

(d)

1,234

35,292

Freshpet,

Inc.

*(d)

2,297

145,469

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

Food

Products

General

Mills,

Inc.

33,341

2,612,601

Hain

Celestial

Group,

Inc.

(The)

*

5,157

105,822

Hershey

Co.

(The)

8,588

1,928,865

Hormel

Foods

Corp.

16,348

740,728

Hostess

Brands,

Inc.

*(d)

7,634

176,574

Ingredion,

Inc.

3,732

383,650

J

&

J

Snack

Foods

Corp.

(d)

961

137,711

J

M

Smucker

Co.

(The)

5,896

900,909

John

B

Sanfilippo

&

Son,

Inc.

354

29,916

Kellogg

Co.

14,226

975,619

Kraft

Heinz

Co.

(The)

40,271

1,632,184

Lamb

Weston

Holdings,

Inc.

8,402

839,276

Lancaster

Colony

Corp.

1,101

211,293

Lifecore

Biomedical,

Inc.

*

801

4,974

Local

Bounti

Corp.

*(d)

261

250

McCormick

&

Co.,

Inc.

(Non-Voting)

(d)

15,435

1,159,477

Mission

Produce,

Inc.

*(d)

1,854

23,101

Mondelez

International,

Inc.,

Class A

80,839

5,290,104

Pilgrim's

Pride

Corp.

*

3,007

73,010

Post

Holdings,

Inc.

*(d)

2,795

265,385

Seaboard

Corp.

4

15,682

Seneca

Foods

Corp.,

Class A

*

244

15,250

Simply

Good

Foods

Co.

(The)

*

4,892

177,580

Sovos

Brands,

Inc.

*

221

2,997

SunOpta,

Inc.

*

7,085

57,884

Tattooed

Chef,

Inc.

*

1,946

2,958

Tootsie

Roll

Industries,

Inc.

(d)

666

29,790

TreeHouse

Foods,

Inc.

*

3,165

153,281

Tyson

Foods,

Inc.,

Class A

16,168

1,063,046

Utz

Brands,

Inc.

(d)

2,183

36,369

Vital

Farms,

Inc.

*

159

2,795

Westrock

Coffee

Co.

*(d)

251

3,285

Whole

Earth

Brands,

Inc.

*

223

845

30,131,708

Gas

Utilities

0.1%

Atmos

Energy

Corp.

(d)

7,827

919,986

Brookfield

Infrastructure

Corp.,

Class A

(d)

4,558

201,555

Chesapeake

Utilities

Corp.

276

34,798

National

Fuel

Gas

Co.

(d)

4,702

272,998

New

Jersey

Resources

Corp.

(d)

5,330

266,074

Northwest

Natural

Holding

Co.

2,323

116,475

ONE

Gas,

Inc.

2,856

235,220

South

Jersey

Industries,

Inc.

6,466

233,358

Southwest

Gas

Holdings,

Inc.

3,501

234,322

Spire,

Inc.

(d)

2,839

205,032

Star

Group

LP

202

2,414

UGI

Corp.

10,926

435,182

3,157,414

Health

Care

Equipment

&

Supplies

1.6%

Abbott

Laboratories

98,187

10,854,573

Accuray,

Inc.

*

579

1,459

Align

Technology,

Inc.

*

4,414

1,190,588

Alphatec

Holdings,

Inc.

*(d)

1,674

21,795

AngioDynamics,

Inc.

*

1,485

19,335

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Apyx

Medical

Corp.

*

195

569

Artivion,

Inc.

*(d)

1,447

18,869

Asahi

Intecc

Co.

Ltd.

67,700

1,186,736

AtriCure,

Inc.

*(d)

2,686

116,250

Atrion

Corp.

28

19,244

Avanos

Medical,

Inc.

*

3,515

107,700

Axogen,

Inc.

*

1,365

12,927

Axonics,

Inc.

*

2,841

174,437

Baxter

International,

Inc.

27,862

1,273,015

Becton

Dickinson

and

Co.

15,897

4,009,541

Bioventus,

Inc.,

Class A

*(d)

925

1,813

Boston

Scientific

Corp.

*

80,207

3,709,574

Butterfly

Network,

Inc.

*

6,164

16,951

Cardiovascular

Systems,

Inc.

*

1,429

19,920

Cerus

Corp.

*

15,291

48,014

ClearPoint

Neuro,

Inc.

*(d)

155

1,474

CONMED

Corp.

(d)

1,313

125,733

Cooper

Cos.,

Inc.

(The)

(d)

2,731

952,928

Cue

Health,

Inc.

*

558

1,462

Cutera,

Inc.

*

679

23,650

Dentsply

Sirona,

Inc.

(d)

11,760

433,121

Dexcom,

Inc.

*

21,477

2,299,972

Edwards

Lifesciences

Corp.

*

34,735

2,664,174

Embecta

Corp.

(d)

2,863

75,555

Enovis

Corp.

*

2,309

145,352

Envista

Holdings

Corp.

*

10,258

399,959

Figs,

Inc.,

Class A

*

6,292

56,313

GE

HealthCare

Technologies,

Inc.

*(d)

20,659

1,436,214

Glaukos

Corp.

*

2,848

139,694

Globus

Medical,

Inc.,

Class A

*(d)

4,531

342,090

Haemonetics

Corp.

*

2,901

245,425

Heska

Corp.

*(d)

667

59,656

Hologic,

Inc.

*

13,740

1,118,024

Hoya

Corp.

46,600

5,131,402

ICU

Medical,

Inc.

*(d)

1,146

221,442

IDEXX

Laboratories,

Inc.

*

4,639

2,229,040

Inari

Medical,

Inc.

*(d)

2,520

143,766

Inogen,

Inc.

*

3,261

76,079

Inspire

Medical

Systems,

Inc.

*

1,491

377,312

Insulet

Corp.

*(d)

3,816

1,096,413

Integer

Holdings

Corp.

*(d)

1,833

120,630

Integra

LifeSciences

Holdings

Corp.

*

4,001

229,257

Intuitive

Surgical,

Inc.

*

19,761

4,855,080

iRadimed

Corp.

214

8,004

iRhythm

Technologies,

Inc.

*(d)

1,698

166,913

Lantheus

Holdings,

Inc.

*(d)

4,841

278,357

LeMaitre

Vascular,

Inc.

701

33,073

LivaNova

plc

*

2,725

153,145

Masimo

Corp.

*

2,720

462,618

Medtronic

plc

77,965

6,524,891

Meridian

Bioscience,

Inc.

*∞

3,362

114,308

Merit

Medical

Systems,

Inc.

*(d)

2,991

213,408

Mesa

Laboratories,

Inc.

369

71,785

Nano-X

Imaging

Ltd.

*(d)

4,287

39,526

Neogen

Corp.

*

11,940

255,635

Nevro

Corp.

*(d)

2,048

75,203

Novocure

Ltd.

*(d)

5,937

541,336

44

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

NuVasive,

Inc.

*(d)

3,040

138,624

Olympus

Corp.

327,300

6,149,046

Omnicell,

Inc.

*

2,470

137,011

OraSure

Technologies,

Inc.

*

2,543

14,190

Orthofix

Medical,

Inc.

*

1,121

24,247

OrthoPediatrics

Corp.

*

498

23,471

Outset

Medical,

Inc.

*

3,003

84,444

Owlet,

Inc.

*

421

172

Paragon

28,

Inc.

*(d)

3,297

55,554

Penumbra,

Inc.

*(d)

2,143

536,629

PROCEPT

BioRobotics

Corp.

*(d)

1,700

66,113

Pulmonx

Corp.

*

1,085

9,646

QuidelOrtho

Corp.

*

2,597

222,329

ResMed,

Inc.

8,178

1,867,610

RxSight,

Inc.

*(d)

103

1,442

Semler

Scientific,

Inc.

*

33

1,294

Senseonics

Holdings,

Inc.

*(d)

13,505

15,261

Shockwave

Medical,

Inc.

*

1,917

360,262

SI-BONE,

Inc.

*(d)

1,093

18,614

Sight

Sciences,

Inc.

*

183

2,106

Silk

Road

Medical,

Inc.

*

2,627

142,804

STAAR

Surgical

Co.

*(d)

2,606

183,853

Stereotaxis,

Inc.

*

402

876

STERIS

plc

5,674

1,171,738

Stryker

Corp.

19,482

4,944,726

Surmodics,

Inc.

*

544

15,292

Tactile

Systems

Technology,

Inc.

*

712

9,235

Tandem

Diabetes

Care,

Inc.

*

3,084

125,642

Teleflex,

Inc.

(d)

2,616

636,787

Terumo

Corp.

82,600

2,398,459

TransMedics

Group,

Inc.

*(d)

1,936

122,007

Treace

Medical

Concepts,

Inc.

*

1,427

32,949

UFP

Technologies,

Inc.

*

300

34,119

Utah

Medical

Products,

Inc.

153

14,096

Varex

Imaging

Corp.

*(d)

1,524

32,751

Vicarious

Surgical,

Inc.

*

242

656

ViewRay,

Inc.

*

4,700

21,573

Zimmer

Biomet

Holdings,

Inc.

11,746

1,495,736

Zimvie,

Inc.

*

130

1,275

Zomedica

Corp.

*(d)

6,233

1,718

Zynex,

Inc.

*(d)

819

11,572

77,868,658

Health

Care

Providers

&

Services

1.4%

1Life

Healthcare,

Inc.

*

11,212

179,280

23andMe

Holding

Co.

*(d)

17,802

44,505

Acadia

Healthcare

Co.,

Inc.

*

5,081

426,906

Accolade,

Inc.

*(d)

1,854

21,636

AdaptHealth

Corp.

*(d)

4,427

94,871

Addus

HomeCare

Corp.

*

1,190

127,949

Agiliti,

Inc.

*

1,052

19,409

agilon

health,

Inc.

*(d)

11,335

246,650

AirSculpt

Technologies,

Inc.

42

244

Alignment

Healthcare,

Inc.

*

6,000

74,100

Amedisys,

Inc.

*(d)

1,800

173,988

AmerisourceBergen

Corp.

8,635

1,458,970

AMN

Healthcare

Services,

Inc.

*

2,480

237,683

Apollo

Medical

Holdings,

Inc.

*

2,032

72,421

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

ATI

Physical

Therapy,

Inc.

*

468

206

Aveanna

Healthcare

Holdings,

Inc.

*

314

383

Brookdale

Senior

Living,

Inc.

*(d)

7,629

21,972

Cano

Health,

Inc.

*(d)

11,673

16,109

Cardinal

Health,

Inc.

14,752

1,139,592

CareMax,

Inc.

*

362

1,698

Castle

Biosciences,

Inc.

*

889

24,074

Centene

Corp.

*

31,588

2,408,269

Chemed

Corp.

792

400,071

Cigna

Corp.

16,580

5,250,389

Clover

Health

Investments

Corp.

*(d)

28,009

37,252

Community

Health

Systems,

Inc.

*

7,511

39,207

CorVel

Corp.

*

533

94,959

Cross

Country

Healthcare,

Inc.

*

1,585

43,984

CVS

Health

Corp.

74,265

6,551,658

DaVita,

Inc.

*(d)

3,080

253,761

DocGo,

Inc.

*

7,335

73,350

Elevance

Health,

Inc.

13,426

6,712,866

Encompass

Health

Corp.

5,237

327,051

Enhabit,

Inc.

*(d)

2,620

40,243

Ensign

Group,

Inc.

(The)

3,051

284,506

Fulgent

Genetics,

Inc.

*

1,968

66,479

GeneDx

Holdings

Corp.

*(d)

812

345

Guardant

Health,

Inc.

*

5,609

176,291

HCA

Healthcare,

Inc.

12,017

3,065,176

HealthEquity,

Inc.

*

4,396

267,497

Henry

Schein,

Inc.

*(d)

7,325

631,049

Hims

&

Hers

Health,

Inc.

*(d)

6,911

57,223

Humana,

Inc.

7,079

3,622,324

InfuSystem

Holdings,

Inc.

*

116

1,162

Innovage

Holding

Corp.

*

117

876

Invitae

Corp.

*(d)

12,057

28,455

Joint

Corp.

(The)

*

514

9,339

Laboratory

Corp.

of

America

Holdings

5,092

1,283,795

LHC

Group,

Inc.

*

1,795

284,687

LifeStance

Health

Group,

Inc.

*

6,656

35,144

McKesson

Corp.

7,993

3,026,789

ModivCare,

Inc.

*

844

90,527

Molina

Healthcare,

Inc.

*

3,172

989,125

National

HealthCare

Corp.

499

29,711

National

Research

Corp.

569

26,413

Oak

Street

Health,

Inc.

*(d)

6,620

192,377

Oncology

Institute,

Inc.

(The)

*

167

247

OPKO

Health,

Inc.

*(d)

30,860

39,809

Option

Care

Health,

Inc.

*

8,399

242,479

Owens

&

Minor,

Inc.

*(d)

4,115

81,230

Patterson

Cos.,

Inc.

4,853

146,512

Pediatrix

Medical

Group,

Inc.

*(d)

3,523

54,078

Pennant

Group,

Inc.

(The)

*

1,045

13,522

PetIQ,

Inc.

*

779

9,223

Premier,

Inc.,

Class A

6,723

224,279

Privia

Health

Group,

Inc.

*

2,978

80,525

Progyny,

Inc.

*

3,825

131,542

Quest

Diagnostics,

Inc.

6,453

958,141

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

R1

RCM,

Inc.

*(d)

7,426

106,266

RadNet,

Inc.

*

1,760

37,048

Select

Medical

Holdings

Corp.

6,060

176,164

Signify

Health,

Inc.,

Class A

*

4,414

125,622

Surgery

Partners,

Inc.

*

2,528

83,930

Talkspace,

Inc.

*

616

504

Tenet

Healthcare

Corp.

*

5,945

326,083

UnitedHealth

Group,

Inc.

53,147

26,530,451

Universal

Health

Services,

Inc.,

Class B

3,461

512,955

US

Physical

Therapy,

Inc.

(d)

879

87,153

70,752,759

Health

Care

Technology

0.1%

American

Well

Corp.,

Class A

*(d)

16,330

64,830

Babylon

Holdings

Ltd.,

Class A

*

19

220

Certara,

Inc.

*

6,808

132,075

Computer

Programs

&

Systems,

Inc.

*

536

15,748

Definitive

Healthcare

Corp.

*(d)

2,366

29,291

Doximity,

Inc.,

Class A

*(d)

5,991

211,303

Evolent

Health,

Inc.,

Class A

*(d)

4,800

154,656

GoodRx

Holdings,

Inc.,

Class A

*(d)

478

2,672

Health

Catalyst,

Inc.

*

3,584

49,818

HealthStream,

Inc.

*

1,023

24,736

Multiplan

Corp.

*(d)

19,095

25,205

NextGen

Healthcare,

Inc.

*(d)

2,159

41,064

Nutex

Health,

Inc.

*(d)

1,992

2,669

OptimizeRx

Corp.

*

466

8,365

Pear

Therapeutics,

Inc.

*

415

452

Phreesia,

Inc.

*

3,024

113,370

Schrodinger,

Inc.

*(d)

3,171

76,675

Sharecare,

Inc.

*(d)

28,883

73,363

Simulations

Plus,

Inc.

542

22,298

Teladoc

Health,

Inc.

*(d)

10,260

301,644

Veeva

Systems,

Inc.,

Class A

*

7,822

1,334,042

Veradigm,

Inc.

*

18,908

338,642

3,023,138

Hotels,

Restaurants

&

Leisure

1.0%

Accel

Entertainment,

Inc.

*

1,469

13,544

Airbnb,

Inc.,

Class A

*

21,272

2,363,532

Aramark

13,339

593,986

Bally's

Corp.

*

825

16,393

Biglari

Holdings,

Inc.,

Class B

*

51

8,317

BJ's

Restaurants,

Inc.

*

714

22,541

Bloomin'

Brands,

Inc.

(d)

5,995

145,379

Bluegreen

Vacations

Holding

Corp.

74

2,401

Booking

Holdings,

Inc.

*

2,188

5,325,811

Bowlero

Corp.

*(d)

1,057

14,534

Boyd

Gaming

Corp.

4,507

280,831

Brinker

International,

Inc.

*

2,762

108,988

Caesars

Entertainment,

Inc.

*

12,308

640,754

Carnival

Corp.

*(d)

58,557

633,587

Century

Casinos,

Inc.

*

1,477

13,027

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Cheesecake

Factory,

Inc.

(The)

3,315

130,114

Chipotle

Mexican

Grill,

Inc.

*

1,571

2,586,463

Choice

Hotels

International,

Inc.

(d)

1,839

225,995

Churchill

Downs,

Inc.

1,914

474,863

Chuy's

Holdings,

Inc.

*

725

24,817

Cracker

Barrel

Old

Country

Store,

Inc.

(d)

1,463

163,242

Darden

Restaurants,

Inc.

7,432

1,099,713

Dave

&

Buster's

Entertainment,

Inc.

*

2,738

118,692

Denny's

Corp.

*

2,162

25,987

Dine

Brands

Global,

Inc.

609

47,082

Domino's

Pizza,

Inc.

1,911

674,583

DraftKings,

Inc.,

Class A

*(d)

18,945

283,986

Dutch

Bros,

Inc.,

Class A

*(d)

222

8,460

El

Pollo

Loco

Holdings,

Inc.

681

8,356

Everi

Holdings,

Inc.

*

3,073

53,378

Expedia

Group,

Inc.

*

8,579

980,580

F45

Training

Holdings,

Inc.

*

207

642

First

Watch

Restaurant

Group,

Inc.

*

102

1,652

Genius

Sports

Ltd.

*

677

3,717

Global

Business

Travel

Group

I

*

66

467

Golden

Entertainment,

Inc.

*

637

25,161

Hilton

Grand

Vacations,

Inc.

*

4,411

208,905

Hilton

Worldwide

Holdings,

Inc.

15,000

2,176,350

Hyatt

Hotels

Corp.,

Class A

*

2,640

288,077

International

Game

Technology

plc

4,880

129,076

Jack

in

the

Box,

Inc.

1,203

91,404

Krispy

Kreme,

Inc.

(d)

4,367

53,277

Kura

Sushi

USA,

Inc.,

Class A

*

161

10,005

Las

Vegas

Sands

Corp.

*(d)

18,449

1,088,491

Life

Time

Group

Holdings,

Inc.

*

4,089

76,832

Light

&

Wonder,

Inc.

*(d)

5,093

332,318

Lindblad

Expeditions

Holdings,

Inc.

*(d)

1,042

12,400

Marriott

International,

Inc.,

Class A

15,147

2,638,304

Marriott

Vacations

Worldwide

Corp.

1,922

307,597

McDonald's

Corp.

41,773

11,170,100

MGM

Resorts

International

17,920

742,067

Monarch

Casino

&

Resort,

Inc.

*

502

38,463

Mondee

Holdings,

Inc.

*

61

665

NEOGAMES

SA

*

66

851

Noodles

&

Co.,

Class A

*

1,289

8,108

Norwegian

Cruise

Line

Holdings

Ltd.

*(d)

27,098

412,161

ONE

Group

Hospitality,

Inc.

(The)

*

5,268

39,668

Papa

John's

International,

Inc.

(d)

1,684

151,038

Penn

Entertainment,

Inc.

*(d)

9,315

330,217

46

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Planet

Fitness,

Inc.,

Class A

*

4,748

401,918

PlayAGS,

Inc.

*

183

1,210

Portillo's,

Inc.,

Class A

*(d)

2,839

64,048

RCI

Hospitality

Holdings,

Inc.

414

37,587

Red

Robin

Gourmet

Burgers,

Inc.

*

97

867

Red

Rock

Resorts,

Inc.,

Class A

3,230

145,382

Royal

Caribbean

Cruises

Ltd.

*(d)

12,518

812,919

Rush

Street

Interactive,

Inc.

*

4,077

17,490

Ruth's

Hospitality

Group,

Inc.

1,157

20,028

SeaWorld

Entertainment,

Inc.

*(d)

1,867

116,482

Shake

Shack,

Inc.,

Class A

*

2,200

125,136

Six

Flags

Entertainment

Corp.

*(d)

4,764

127,913

Sonder

Holdings,

Inc.

*(d)

1,175

1,574

Starbucks

Corp.

64,508

7,040,403

Sweetgreen,

Inc.,

Class A

*(d)

4,194

43,492

Target

Hospitality

Corp.

*

1,787

27,439

Texas

Roadhouse,

Inc.

3,811

382,739

TH

International

Ltd.

*

145

439

Travel

+

Leisure

Co.

4,744

201,003

Vacasa,

Inc.,

Class A

*

678

1,186

Vail

Resorts,

Inc.

2,073

543,831

Wendy's

Co.

(The)

9,565

213,299

Wingstop,

Inc.

(d)

1,544

244,678

Wyndham

Hotels

&

Resorts,

Inc.

5,156

399,642

Wynn

Resorts

Ltd.

*

5,918

613,342

Xponential

Fitness,

Inc.,

Class A

*

98

2,693

Yum!

Brands,

Inc.

17,186

2,242,945

51,257,634

Household

Durables

0.4%

Beazer

Homes

USA,

Inc.

*

1,005

16,452

Cavco

Industries,

Inc.

*

573

152,475

Century

Communities,

Inc.

1,709

104,591

Cricut,

Inc.,

Class A

(d)

247

2,418

DR

Horton,

Inc.

(d)

17,220

1,699,442

Dream

Finders

Homes,

Inc.,

Class A

*(d)

140

1,770

Ethan

Allen

Interiors,

Inc.

950

27,303

Garmin

Ltd.

10,218

1,010,356

GoPro,

Inc.,

Class A

*

5,182

31,869

Green

Brick

Partners,

Inc.

*(d)

800

24,960

Helen

of

Troy

Ltd.

*

1,285

145,346

Hovnanian

Enterprises,

Inc.,

Class A

*

30

1,736

Installed

Building

Products,

Inc.

1,393

153,355

iRobot

Corp.

*(d)

1,613

72,585

KB

Home

4,877

187,521

Landsea

Homes

Corp.

*

62

411

La-Z-Boy,

Inc.

3,575

101,637

Legacy

Housing

Corp.

*

343

6,867

Leggett

&

Platt,

Inc.

(d)

12,428

454,368

Lennar

Corp.,

Class A

(d)

14,810

1,507,850

LGI

Homes,

Inc.

*(d)

1,151

131,041

Lifetime

Brands,

Inc.

401

3,212

Common

Stocks

Shares

Value

($)

Household

Durables

Lovesac

Co.

(The)

*

325

8,366

M/I

Homes,

Inc.

*

1,110

66,378

MDC

Holdings,

Inc.

2,253

85,073

Meritage

Homes

Corp.

*

1,983

213,549

Mohawk

Industries,

Inc.

*

3,110

373,387

Newell

Brands,

Inc.

21,785

347,689

NVR,

Inc.

*

165

869,550

PulteGroup,

Inc.

(d)

13,225

752,370

Purple

Innovation,

Inc.

*(d)

1,922

11,148

Skyline

Champion

Corp.

*

3,017

177,852

Snap

One

Holdings

Corp.

*

113

1,084

Sonos,

Inc.

*

6,856

126,425

Sony

Group

Corp.

90,300

8,061,085

Taylor

Morrison

Home

Corp.,

Class A

*

6,781

242,760

Tempur

Sealy

International,

Inc.

(d)

10,496

427,712

Toll

Brothers,

Inc.

6,098

362,770

TopBuild

Corp.

*

1,791

358,307

Traeger,

Inc.

*

171

621

Tri

Pointe

Homes,

Inc.

*

6,275

138,615

Tupperware

Brands

Corp.

*

3,623

16,050

Universal

Electronics,

Inc.

*

515

12,066

Vizio

Holding

Corp.,

Class A

*(d)

6,136

53,751

Vuzix

Corp.

*(d)

2,313

12,051

Weber,

Inc.,

Class A

130

1,061

Whirlpool

Corp.

(d)

2,833

440,786

18,998,071

Household

Products

0.6%

Central

Garden

&

Pet

Co.

*(d)

2,503

99,788

Church

&

Dwight

Co.,

Inc.

14,492

1,171,823

Clorox

Co.

(The)

6,959

1,006,898

Colgate-Palmolive

Co.

45,600

3,398,568

Energizer

Holdings,

Inc.

(d)

4,223

156,673

Kimberly-Clark

Corp.

18,517

2,407,395

Procter

&

Gamble

Co.

(The)

133,558

19,015,988

Reynolds

Consumer

Products,

Inc.

(d)

3,018

89,846

Spectrum

Brands

Holdings,

Inc.

2,345

159,179

Unicharm

Corp.

110,000

4,201,181

WD-40

Co.

746

130,207

31,837,546

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

(d)

36,991

1,013,923

Altus

Power,

Inc.

*(d)

2,277

18,261

Brookfield

Renewable

Corp.

(d)

6,261

197,347

Clearway

Energy,

Inc.,

Class A

(d)

6,593

220,361

Montauk

Renewables,

Inc.

*

4,785

53,161

NextEra

Energy

Partners

LP

(d)

557

40,828

Ormat

Technologies,

Inc.

(d)

2,518

233,041

Sunnova

Energy

International,

Inc.

*(d)

4,980

97,010

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Vistra

Corp.

23,576

543,663

2,417,595

Industrial

Conglomerates

0.3%

3M

Co.

31,640

3,641,131

General

Electric

Co.

61,978

4,987,990

Honeywell

International,

Inc.

38,275

7,979,572

16,608,693

Insurance

1.2%

Aflac,

Inc.

34,448

2,531,928

Allstate

Corp.

(The)

15,050

1,933,473

Ambac

Financial

Group,

Inc.

*

1,831

30,504

American

Equity

Investment

Life

Holding

Co.

4,217

200,940

American

Financial

Group,

Inc.

4,250

606,007

American

International

Group,

Inc.

42,394

2,680,149

AMERISAFE,

Inc.

1,788

98,483

Aon

plc,

Class A

11,864

3,780,820

Arch

Capital

Group

Ltd.

*

19,792

1,273,615

Argo

Group

International

Holdings

Ltd.

2,055

57,047

Arthur

J

Gallagher

&

Co.

11,633

2,276,811

Assurant,

Inc.

2,936

389,284

Assured

Guaranty

Ltd.

2,906

181,916

Axis

Capital

Holdings

Ltd.

4,261

266,611

Bright

Health

Group,

Inc.

*(d)

1,454

1,289

Brighthouse

Financial,

Inc.

*

3,590

202,009

Brown

&

Brown,

Inc.

12,738

745,937

BRP

Group,

Inc.,

Class A

*(d)

2,720

77,928

Chubb

Ltd.

20,626

4,692,209

Cincinnati

Financial

Corp.

10,268

1,161,824

Citizens,

Inc.

*

295

708

CNA

Financial

Corp.

2,707

117,917

CNO

Financial

Group,

Inc.

8,186

210,871

Crawford

&

Co.,

Class A

644

4,167

Donegal

Group,

Inc.,

Class A

456

6,922

eHealth,

Inc.

*

466

3,868

Employers

Holdings,

Inc.

173

7,590

Enstar

Group

Ltd.

*

602

145,865

Erie

Indemnity

Co.,

Class A

1,342

327,918

Everest

Re

Group

Ltd.

2,105

736,097

F&G

Annuities

&

Life,

Inc.

856

18,370

Fidelity

National

Financial,

Inc.

13,629

600,085

First

American

Financial

Corp.

5,823

360,269

Genworth

Financial,

Inc.,

Class A

*

10,312

56,922

Globe

Life,

Inc.

(d)

5,032

608,117

Goosehead

Insurance,

Inc.,

Class A

*

984

38,425

Greenlight

Capital

Re

Ltd.,

Class A

*(d)

1,339

13,189

Hagerty,

Inc.,

Class A

*

133

1,278

Hanover

Insurance

Group,

Inc.

(The)

2,357

317,205

Hartford

Financial

Services

Group,

Inc.

(The)

18,233

1,415,063

HCI

Group,

Inc.

(d)

286

14,360

Hippo

Holdings,

Inc.

*

83

1,393

Common

Stocks

Shares

Value

($)

Insurance

Horace

Mann

Educators

Corp.

789

28,096

Investors

Title

Co.

74

11,988

James

River

Group

Holdings

Ltd.

268

6,073

Kemper

Corp.

3,230

189,698

Kinsale

Capital

Group,

Inc.

1,172

326,332

Lemonade,

Inc.

*(d)

2,415

39,316

Lincoln

National

Corp.

11,264

399,084

Loews

Corp.

11,983

736,715

Manulife

Financial

Corp.

5,847

115,771

Markel

Corp.

*(d)

746

1,051,099

Marsh

&

McLennan

Cos.,

Inc.

28,625

5,006,799

MBIA,

Inc.

*

2,796

36,376

Mercury

General

Corp.

1,417

50,629

MetLife,

Inc.

40,058

2,925,035

National

Western

Life

Group,

Inc.,

Class A

101

27,957

NI

Holdings,

Inc.

*

314

4,160

Old

Republic

International

Corp.

14,914

393,580

Oscar

Health,

Inc.,

Class A

*

17,156

65,879

Palomar

Holdings,

Inc.

*

1,524

77,892

Primerica,

Inc.

2,168

350,674

Principal

Financial

Group,

Inc.

14,635

1,354,469

ProAssurance

Corp.

615

11,925

Progressive

Corp.

(The)

33,343

4,546,318

Prudential

Financial,

Inc.

22,064

2,315,396

Reinsurance

Group

of

America,

Inc.

3,677

558,058

RenaissanceRe

Holdings

Ltd.

2,481

485,507

RLI

Corp.

2,385

315,893

Ryan

Specialty

Holdings,

Inc.,

Class A

*

4,549

193,878

Safety

Insurance

Group,

Inc.

119

10,042

Selective

Insurance

Group,

Inc.

(d)

2,964

281,580

Selectquote,

Inc.

*

10,354

8,927

SiriusPoint

Ltd.

*

3,688

27,992

Skyward

Specialty

Insurance

Group,

Inc.

*(d)

5,631

104,230

Stewart

Information

Services

Corp.

326

15,573

Tiptree,

Inc.

971

14,575

Tokio

Marine

Holdings,

Inc.

283,100

5,925,662

Travelers

Cos.,

Inc.

(The)

13,686

2,615,668

Trean

Insurance

Group,

Inc.

*

268

1,632

Trupanion,

Inc.

*(d)

2,081

122,821

United

Fire

Group,

Inc.

(d)

898

28,278

Universal

Insurance

Holdings,

Inc.

959

12,218

Unum

Group

10,721

450,604

W

R

Berkley

Corp.

11,142

781,500

White

Mountains

Insurance

Group

Ltd.

149

227,666

Willis

Towers

Watson

plc

6,115

1,554,372

62,003,320

Interactive

Media

&

Services

1.7%

Alphabet,

Inc.,

Class A

*

637,774

63,343,359

Angi,

Inc.

*

453

1,318

Bumble,

Inc.,

Class A

*(d)

4,541

116,931

BuzzFeed,

Inc.

*

158

363

48

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Cargurus,

Inc.

*(d)

5,068

89,450

Cars.com,

Inc.

*(d)

4,471

76,454

Eventbrite,

Inc.,

Class A

*(d)

7,055

62,719

EverQuote,

Inc.,

Class A

*

468

7,301

fuboTV,

Inc.

*(d)

7,799

20,043

Getty

Images

Holdings,

Inc.

*(d)

1,300

8,268

IAC,

Inc.

*

4,143

234,080

Liberty

TripAdvisor

Holdings,

Inc.,

Class A

*

465

591

Match

Group,

Inc.

*

16,068

869,600

MediaAlpha,

Inc.,

Class A

*

458

6,389

Meta

Platforms,

Inc.,

Class A

*

125,737

18,731,041

Nextdoor

Holdings,

Inc.

*(d)

694

1,707

Outbrain,

Inc.

*

182

895

Pinterest,

Inc.,

Class A

*

32,481

853,926

QuinStreet,

Inc.

*(d)

1,881

28,836

Rumble,

Inc.

*(d)

1,665

16,733

Shutterstock,

Inc.

(d)

1,299

97,776

Snap,

Inc.,

Class A

*(d)

6,509

75,244

System1,

Inc.

*

141

668

Taboola.com

Ltd.

*

1,022

4,068

TripAdvisor,

Inc.

*

5,960

138,868

TrueCar,

Inc.

*

3,899

12,165

Vimeo,

Inc.

*

8,157

37,033

Vinco

Ventures,

Inc.

*

1,159

856

Yelp,

Inc.

*(d)

4,087

128,781

Ziff

Davis,

Inc.

*

2,352

210,457

ZipRecruiter,

Inc.,

Class A

*

5,522

108,452

ZoomInfo

Technologies,

Inc.,

Class A

*

18,285

516,186

85,800,558

Internet

&

Direct

Marketing

Retail

1.1%

1-800-Flowers.com,

Inc.,

Class A

*

1,267

12,632

1stdibs.com,

Inc.

*

109

662

Amazon.com,

Inc.

*

502,159

51,787,658

BARK,

Inc.

*(d)

638

1,282

CarParts.com,

Inc.

*

995

6,786

Chewy,

Inc.,

Class A

*(d)

574

25,864

ContextLogic,

Inc.,

Class A

*

39,941

27,475

DoorDash,

Inc.,

Class A

*

14,340

830,573

Duluth

Holdings,

Inc.,

Class B

*(d)

545

3,624

eBay,

Inc.

30,621

1,515,740

Etsy,

Inc.

*

7,062

971,590

Farfetch

Ltd.,

Class A

*

2,119

14,452

Groupon,

Inc.

*(d)

993

8,202

Lands'

End,

Inc.

*

445

4,018

Liquidity

Services,

Inc.

*

961

14,405

Lulu's

Fashion

Lounge

Holdings,

Inc.

*

93

300

Overstock.com,

Inc.

*(d)

2,363

57,208

PetMed

Express,

Inc.

(d)

962

20,664

Porch

Group,

Inc.

*(d)

2,548

7,517

Quotient

Technology,

Inc.

*

3,334

13,503

Qurate

Retail,

Inc. Series

A,*

20,154

51,997

RealReal,

Inc.

(The)

*(d)

2,765

5,060

Rent

the

Runway,

Inc.,

Class A

*(d)

287

1,231

Revolve

Group,

Inc.

*

2,155

61,504

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

RumbleON,

Inc.,

Class B

*

63

530

Stitch

Fix,

Inc.,

Class A

*

2,254

11,743

Vivid

Seats,

Inc.,

Class A

*(d)

146

1,243

Wayfair,

Inc.,

Class A

*(d)

3,975

240,488

Xometry,

Inc.,

Class A

*(d)

1,812

63,456

55,761,407

IT

Services

2.4%

Accenture

plc,

Class A

35,595

9,932,785

Affirm

Holdings,

Inc.

*(d)

13,038

211,085

Akamai

Technologies,

Inc.

*

8,908

792,367

Amdocs

Ltd.

7,256

667,044

Automatic

Data

Processing,

Inc.

23,327

5,267,470

AvidXchange

Holdings,

Inc.

*(d)

9,783

108,787

BigCommerce

Holdings,

Inc. Series

1,*

2,887

35,395

Block,

Inc.,

Class A

*(d)

29,657

2,423,570

Brightcove,

Inc.

*

1,604

10,169

Broadridge

Financial

Solutions,

Inc.

7,158

1,076,277

Cantaloupe,

Inc.

*

3,082

15,687

Cass

Information

Systems,

Inc.

572

27,776

Cerberus

Cyber

Sentinel

Corp.

*

324

463

Cloudflare,

Inc.,

Class A

*(d)

15,691

830,211

Cognizant

Technology

Solutions

Corp.,

Class A

33,386

2,228,516

Concentrix

Corp.

2,315

328,290

Conduent,

Inc.

*

6,737

32,135

CSG

Systems

International,

Inc.

1,723

102,811

Cyxtera

Technologies,

Inc.

*

283

911

DigitalOcean

Holdings,

Inc.

*(d)

3,832

112,469

DXC

Technology

Co.

*

13,236

380,270

Edgio,

Inc.

*(d)

4,292

6,738

EPAM

Systems,

Inc.

*

3,161

1,051,507

Euronet

Worldwide,

Inc.

*

3,048

343,449

EVERTEC,

Inc.

3,161

116,767

Evo

Payments,

Inc.,

Class A

*

3,214

108,858

ExlService

Holdings,

Inc.

*

2,083

355,360

Fastly,

Inc.,

Class A

*

5,919

61,262

Fidelity

National

Information

Services,

Inc.

33,919

2,545,282

Fiserv,

Inc.

*

32,904

3,510,199

FleetCor

Technologies,

Inc.

*

4,058

847,351

Flywire

Corp.

*

2,998

80,856

Gartner,

Inc.

*

4,255

1,438,786

Genpact

Ltd.

8,836

417,766

Global

Payments,

Inc.

15,386

1,734,310

Globant

SA

*

2,171

352,093

GoDaddy,

Inc.,

Class A

*

8,764

719,787

Grid

Dynamics

Holdings,

Inc.

*

3,799

47,563

Hackett

Group,

Inc.

(The)

1,017

22,476

I3

Verticals,

Inc.,

Class A

*

642

18,567

IBEX

Holdings

Ltd.

*

24

641

International

Business

Machines

Corp.

50,353

6,784,060

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

IT

Services

International

Money

Express,

Inc.

*(d)

1,081

24,604

Jack

Henry

&

Associates,

Inc.

4,144

746,293

Kyndryl

Holdings,

Inc.

*

9,777

130,914

Marqeta,

Inc.,

Class A

*

23,387

155,056

Mastercard,

Inc.,

Class A

47,810

17,718,386

Maximus,

Inc.

3,204

239,819

MoneyGram

International,

Inc.

*

3,786

40,775

MongoDB,

Inc.

*

3,687

789,792

Nomura

Research

Institute

Ltd.

146,600

3,517,021

NTT

Data

Corp.

383,700

5,957,436

Obic

Co.

Ltd.

16,800

2,688,118

Okta,

Inc.

*

8,461

622,814

Pagseguro

Digital

Ltd.,

Class A

*

1,584

15,983

Paya

Holdings,

Inc.

*

3,643

35,410

Paychex,

Inc.

19,126

2,215,938

Paymentus

Holdings,

Inc.,

Class A

*

100

869

Payoneer

Global,

Inc.

*

9,851

58,712

PayPal

Holdings,

Inc.

*

64,351

5,243,963

Paysafe

Ltd.

*

2,503

52,663

Perficient,

Inc.

*(d)

1,839

136,343

Priority

Technology

Holdings,

Inc.

*

511

2,458

Rackspace

Technology,

Inc.

*(d)

2,465

7,395

Remitly

Global,

Inc.

*

6,175

74,471

Repay

Holdings

Corp.

*

3,292

32,064

Sabre

Corp.

*(d)

18,942

128,995

SHIFT,

Inc.

*

20,200

3,745,373

Shift4

Payments,

Inc.,

Class A

*(d)

2,940

188,278

Snowflake,

Inc.,

Class A

*

16,962

2,653,535

Squarespace,

Inc.,

Class A

*

2,659

63,071

SS&C

Technologies

Holdings,

Inc.

12,844

775,135

StoneCo

Ltd.,

Class A

*

14,992

167,311

TaskUS,

Inc.,

Class A

*

178

3,320

Thoughtworks

Holding,

Inc.

*(d)

4,906

52,985

Toast,

Inc.,

Class A

*(d)

16,214

361,734

TTEC

Holdings,

Inc.

703

35,741

Tucows,

Inc.,

Class A

*(d)

330

10,946

Twilio,

Inc.,

Class A

*

10,063

602,170

Unisys

Corp.

*

2,548

13,785

VeriSign,

Inc.

*

5,300

1,155,665

Verra

Mobility

Corp.

*(d)

7,080

109,244

Visa,

Inc.,

Class A

(d)

91,962

21,170,572

Western

Union

Co.

(The)

20,749

294,013

WEX,

Inc.

*

2,322

429,500

Wix.com

Ltd.

*(d)

2,481

215,797

117,832,633

Leisure

Products

0.0%

†

Acushnet

Holdings

Corp.

1,354

63,570

AMMO,

Inc.

*(d)

814

2,019

Brunswick

Corp.

4,347

366,583

Clarus

Corp.

755

7,588

Hasbro,

Inc.

7,407

438,272

Common

Stocks

Shares

Value

($)

Leisure

Products

Johnson

Outdoors,

Inc.,

Class A

214

14,650

Latham

Group,

Inc.

*

255

1,122

Malibu

Boats,

Inc.,

Class A

*(d)

799

48,411

Marine

Products

Corp.

273

3,631

MasterCraft

Boat

Holdings,

Inc.

*

782

22,490

Mattel,

Inc.

*

24,362

498,447

Peloton

Interactive,

Inc.,

Class A

*(d)

17,861

230,943

Polaris,

Inc.

(d)

3,258

374,149

Smith

&

Wesson

Brands,

Inc.

952

10,548

Solo

Brands,

Inc.,

Class A

*

122

539

Sturm

Ruger

&

Co.,

Inc.

(d)

626

35,619

Topgolf

Callaway

Brands

Corp.

*(d)

6,830

167,267

Vista

Outdoor,

Inc.

*

3,240

95,094

YETI

Holdings,

Inc.

*

4,948

221,472

2,602,414

Life

Sciences

Tools

&

Services

0.8%

10X

Genomics,

Inc.,

Class A

*(d)

5,046

236,304

AbCellera

Biologics,

Inc.

*

10,741

113,103

Adaptive

Biotechnologies

Corp.

*(d)

7,483

69,367

Agilent

Technologies,

Inc.

16,758

2,548,557

Akoya

Biosciences,

Inc.

*(d)

111

1,249

Alpha

Teknova,

Inc.

*

45

268

Avantor,

Inc.

*

34,502

824,598

Azenta,

Inc.

*(d)

4,012

224,271

Berkeley

Lights,

Inc.

*

1,614

3,470

BioLife

Solutions,

Inc.

*(d)

1,163

27,261

Bionano

Genomics,

Inc.

*(d)

9,101

16,473

Bio-Rad

Laboratories,

Inc.,

Class A

*

1,291

603,491

Bio-Techne

Corp.

9,262

737,811

Bruker

Corp.

6,502

455,920

Charles

River

Laboratories

International,

Inc.

*

2,780

676,235

Codexis,

Inc.

*

4,032

24,797

CryoPort,

Inc.

*(d)

2,356

53,787

Cytek

Biosciences,

Inc.

*(d)

5,104

61,503

Danaher

Corp.

36,904

9,756,680

ICON

plc

*

523

120,661

Illumina,

Inc.

*

8,790

1,882,818

Inotiv,

Inc.

*(d)

1,309

9,490

IQVIA

Holdings,

Inc.

*

10,429

2,392,517

Maravai

LifeSciences

Holdings,

Inc.,

Class A

*

5,761

84,456

MaxCyte,

Inc.

*

617

3,603

Medpace

Holdings,

Inc.

*

1,418

313,477

Mettler-Toledo

International,

Inc.

*

1,234

1,891,623

NanoString

Technologies,

Inc.

*

1,534

16,230

Nautilus

Biotechnology,

Inc.

*(d)

286

561

NeoGenomics,

Inc.

*

6,579

78,159

Pacific

Biosciences

of

California,

Inc.

*(d)

12,435

137,904

PerkinElmer,

Inc.

7,198

989,941

50

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Personalis,

Inc.

*

236

555

QIAGEN

NV

*

11,092

543,508

Quanterix

Corp.

*

805

11,375

Quantum-Si,

Inc.

*(d)

579

1,285

Rapid

Micro

Biosystems,

Inc.,

Class A

*

94

141

Repligen

Corp.

*(d)

3,128

579,618

Science

37

Holdings,

Inc.

*

500

270

Seer,

Inc.

*

3,078

14,005

Singular

Genomics

Systems,

Inc.

*

211

564

SomaLogic,

Inc.

*(d)

17,283

60,145

Sotera

Health

Co.

*

5,901

101,733

Syneos

Health,

Inc.

*

5,824

209,198

Thermo

Fisher

Scientific,

Inc.

21,869

12,472,547

Waters

Corp.

*

3,336

1,096,143

West

Pharmaceutical

Services,

Inc.

4,217

1,120,035

40,567,707

Machinery

1.1%

3D

Systems

Corp.

*(d)

6,999

76,009

AGCO

Corp.

3,318

458,315

Alamo

Group,

Inc.

695

108,747

Albany

International

Corp.,

Class A

1,744

195,590

Allison

Transmission

Holdings,

Inc.

5,000

225,400

Altra

Industrial

Motion

Corp.

3,398

207,516

Astec

Industries,

Inc.

2,308

101,875

Barnes

Group,

Inc.

(d)

2,895

128,133

Berkshire

Grey,

Inc.

*

348

393

Blue

Bird

Corp.

*

676

9,802

Caterpillar,

Inc.

29,089

7,338,864

Chart

Industries,

Inc.

*(d)

2,185

292,746

CIRCOR

International,

Inc.

*

793

21,926

CNH

Industrial

NV

6,249

110,732

Columbus

McKinnon

Corp.

943

33,901

Crane

Holdings

Co.

2,167

251,177

Cummins,

Inc.

8,252

2,059,204

Deere

&

Co.

15,412

6,516,810

Desktop

Metal,

Inc.,

Class A

*(d)

12,524

21,040

Donaldson

Co.,

Inc.

6,980

435,203

Douglas

Dynamics,

Inc.

2,360

95,368

Dover

Corp.

8,153

1,237,870

Energy

Recovery,

Inc.

*

4,386

97,062

Enerpac

Tool

Group

Corp.

2,198

58,335

EnPro

Industries,

Inc.

(d)

830

100,488

Esab

Corp.

2,331

134,755

ESCO

Technologies,

Inc.

1,787

175,912

Evoqua

Water

Technologies

Corp.

*

6,434

312,113

Federal

Signal

Corp.

3,194

170,080

Flowserve

Corp.

(d)

7,310

251,610

Fortive

Corp.

20,287

1,380,125

Franklin

Electric

Co.,

Inc.

2,547

229,994

Gates

Industrial

Corp.

plc

*

6,055

79,987

Gorman-Rupp

Co.

(The)

744

21,375

Graco,

Inc.

9,861

673,703

Greenbrier

Cos.,

Inc.

(The)

1,199

37,073

Helios

Technologies,

Inc.

1,654

109,164

Common

Stocks

Shares

Value

($)

Machinery

Hillenbrand,

Inc.

(d)

2,989

140,065

Hillman

Solutions

Corp.

*(d)

7,961

76,426

Hydrofarm

Holdings

Group,

Inc.

*

1,223

2,287

Hyliion

Holdings

Corp.

*

3,819

13,672

Hyster-Yale

Materials

Handling,

Inc.

388

12,583

Hyzon

Motors,

Inc.

*

467

995

Ideanomics,

Inc.

*(d)

3,293

685

IDEX

Corp.

4,275

1,024,632

Illinois

Tool

Works,

Inc.

17,012

4,015,512

Ingersoll

Rand,

Inc.

23,567

1,319,752

ITT,

Inc.

5,084

465,644

John

Bean

Technologies

Corp.

(d)

1,682

187,930

Kadant,

Inc.

590

120,224

Kennametal,

Inc.

5,024

143,184

Kurita

Water

Industries

Ltd.

53,600

2,419,602

Lincoln

Electric

Holdings,

Inc.

3,007

501,778

Lindsay

Corp.

835

130,778

Luxfer

Holdings

plc

987

16,335

Manitowoc

Co.,

Inc.

(The)

*

1,410

19,317

Markforged

Holding

Corp.

*

561

752

Mayville

Engineering

Co.,

Inc.

*

61

976

Microvast

Holdings,

Inc.

*(d)

23,039

37,554

Middleby

Corp.

(The)

*(d)

2,925

454,691

Miller

Industries,

Inc.

461

13,374

Mueller

Industries,

Inc.

(d)

2,275

149,126

Mueller

Water

Products,

Inc.,

Class A

10,767

136,203

Nikola

Corp.

*(d)

13,762

37,295

Nordson

Corp.

3,222

783,913

Omega

Flex,

Inc.

102

10,843

Oshkosh

Corp.

4,161

419,346

Otis

Worldwide

Corp.

22,980

1,889,645

PACCAR,

Inc.

18,694

2,043,441

Parker-Hannifin

Corp.

7,122

2,321,772

Park-Ohio

Holdings

Corp.

55

729

Pentair

plc

9,945

550,754

Proterra,

Inc.

*(d)

16,483

84,063

Proto

Labs,

Inc.

*

1,909

58,415

RBC

Bearings,

Inc.

*

1,533

374,006

REV

Group,

Inc.

1,093

14,001

Sarcos

Technology

and

Robotics

Corp.

*

439

263

Shyft

Group,

Inc.

(The)

1,410

46,939

SMC

Corp.

6,000

3,050,229

Snap-on,

Inc.

3,045

757,383

SPX

Technologies,

Inc.

*(d)

2,448

183,624

Standex

International

Corp.

1,140

131,750

Stanley

Black

&

Decker,

Inc.

8,207

732,967

Symbotic,

Inc.

*

95

1,487

Tennant

Co.

1,593

111,717

Terex

Corp.

4,007

204,237

Timken

Co.

(The)

3,183

262,120

Titan

International,

Inc.

*

3,869

64,574

Toro

Co.

(The)

5,580

622,282

Trinity

Industries,

Inc.

4,376

125,897

Velo3D,

Inc.

*(d)

550

1,320

Wabash

National

Corp.

(d)

2,105

54,225

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Machinery

Watts

Water

Technologies,

Inc.,

Class A

1,518

248,223

Westinghouse

Air

Brake

Technologies

Corp.

10,824

1,123,639

Xos,

Inc.

*(d)

316

299

Xylem,

Inc.

10,155

1,056,222

52,530,094

Marine

0.0%

†

Costamare,

Inc.

(d)

1,708

17,336

Diana

Shipping,

Inc.

496

1,994

Eagle

Bulk

Shipping,

Inc.

655

37,518

Genco

Shipping

&

Trading

Ltd.

4,406

79,925

Global

Ship

Lease,

Inc.,

Class A

205

3,799

Golden

Ocean

Group

Ltd.

(d)

5,701

54,616

Kirby

Corp.

*(d)

3,357

237,608

Matson,

Inc.

(d)

2,116

139,910

OceanPal,

Inc.

57

56

Safe

Bulkers,

Inc.

2,053

6,754

Star

Bulk

Carriers

Corp.

(d)

435

9,883

589,399

Media

0.4%

Advantage

Solutions,

Inc.

*(d)

3,385

8,767

Altice

USA,

Inc.,

Class A

*

12,173

59,648

AMC

Networks,

Inc.,

Class A

*

2,018

37,353

Audacy,

Inc.

*(d)

4,131

1,327

Boston

Omaha

Corp.,

Class A

*

460

12,167

Cable

One,

Inc.

364

287,516

Cardlytics,

Inc.

*(d)

1,878

14,085

Charter

Communications,

Inc.,

Class A

*

6,058

2,328,150

Clear

Channel

Outdoor

Holdings,

Inc.

*(d)

14,500

27,695

Comcast

Corp.,

Class A

240,817

9,476,149

comScore,

Inc.

*

467

570

Daily

Journal

Corp.

*

52

15,912

DISH

Network

Corp.,

Class A

*(d)

13,209

190,077

Emerald

Holding,

Inc.

*

135

539

Entravision

Communications

Corp.,

Class A

2,450

15,925

EW

Scripps

Co.

(The),

Class A

*

2,307

34,490

Fox

Corp.,

Class A

24,761

818,848

Gannett

Co.,

Inc.

*

5,591

12,636

Gray

Television,

Inc.

5,532

71,695

iHeartMedia,

Inc.,

Class A

*

3,537

27,412

Innovid

Corp.

*

400

900

Integral

Ad

Science

Holding

Corp.

*

337

3,464

Interpublic

Group

of

Cos.,

Inc.

(The)

21,162

771,567

John

Wiley

&

Sons,

Inc.,

Class A

2,631

120,500

Liberty

Broadband

Corp.,

Class A

*(d)

8,325

747,229

Liberty

Media

Corp.-Liberty

SiriusXM,

Class A

*

14,866

600,867

Loyalty

Ventures,

Inc.

*

479

886

Common

Stocks

Shares

Value

($)

Media

Magnite,

Inc.

*

7,294

88,112

New

York

Times

Co.

(The),

Class A

8,718

303,735

News

Corp.,

Class A

(d)

27,602

560,361

Nexstar

Media

Group,

Inc.

(d)

2,056

421,007

Omnicom

Group,

Inc.

13,866

1,192,337

Paramount

Global,

Class A

(d)

31,965

741,367

PubMatic,

Inc.,

Class A

*(d)

3,104

47,584

Scholastic

Corp.

1,628

72,023

Sinclair

Broadcast

Group,

Inc.,

Class A

3,278

67,625

Sirius

XM

Holdings,

Inc.

(d)

70,019

405,410

Stagwell,

Inc.

*(d)

7,735

54,300

TechTarget,

Inc.

*

1,562

77,366

TEGNA,

Inc.

11,695

233,081

Thryv

Holdings,

Inc.

*

2,377

53,173

Trade

Desk,

Inc.

(The),

Class A

*

24,997

1,267,348

WideOpenWest,

Inc.

*(d)

1,865

21,429

21,292,632

Metals

&

Mining

0.3%

5E

Advanced

Materials,

Inc.

*(d)

882

8,688

Alamos

Gold,

Inc.,

Class A

9,872

108,987

Alcoa

Corp.

9,936

519,057

Alpha

Metallurgical

Resources,

Inc.

859

138,239

Arconic

Corp.

*

5,540

130,245

ATI,

Inc.

*(d)

7,442

270,814

Carpenter

Technology

Corp.

3,205

154,769

Century

Aluminum

Co.

*

2,200

24,728

Cleveland-Cliffs,

Inc.

*

28,074

599,380

Coeur

Mining,

Inc.

*

16,548

64,372

Commercial

Metals

Co.

6,373

345,863

Compass

Minerals

International,

Inc.

2,351

109,698

Constellium

SE

*

6,100

88,633

Franco-Nevada

Corp.

395

57,946

Freeport-McMoRan,

Inc.

79,626

3,552,912

Gatos

Silver,

Inc.

*

301

1,553

Haynes

International,

Inc.

520

28,959

Hecla

Mining

Co.

(d)

31,337

193,349

Kaiser

Aluminum

Corp.

1,103

96,535

Materion

Corp.

979

88,355

McEwen

Mining,

Inc.

*

252

1,691

MP

Materials

Corp.

*(d)

4,402

143,109

Newmont

Corp.

44,258

2,342,576

Novagold

Resources,

Inc.

*

11,238

70,912

Nucor

Corp.

(d)

14,389

2,432,029

Olympic

Steel,

Inc.

(d)

342

15,130

Piedmont

Lithium,

Inc.

*

1,335

91,634

Ramaco

Resources,

Inc.

156

1,627

Reliance

Steel

&

Aluminum

Co.

3,168

720,562

Royal

Gold,

Inc.

(d)

3,473

441,175

Ryerson

Holding

Corp.

1,251

47,751

Schnitzer

Steel

Industries,

Inc.,

Class A

1,042

35,261

Southern

Copper

Corp.

(d)

4,399

330,849

SSR

Mining,

Inc.

11,853

200,790

Steel

Dynamics,

Inc.

8,918

1,075,867

52

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Metals

&

Mining

SunCoke

Energy,

Inc.

3,385

30,837

TimkenSteel

Corp.

*

1,879

36,960

United

States

Steel

Corp.

13,943

397,236

Warrior

Met

Coal,

Inc.

2,648

100,306

Worthington

Industries,

Inc.

(d)

1,995

113,456

15,212,840

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

AFC

Gamma,

Inc.

103

1,617

AGNC

Investment

Corp.

33,490

388,484

Angel

Oak

Mortgage,

Inc.

47

372

Annaly

Capital

Management,

Inc.

25,608

601,020

Apollo

Commercial

Real

Estate

Finance,

Inc.

8,965

109,104

Arbor

Realty

Trust,

Inc.

8,178

122,097

Ares

Commercial

Real

Estate

Corp.

5,779

70,966

ARMOUR

Residential

REIT,

Inc.

7,137

44,820

Blackstone

Mortgage

Trust,

Inc.,

Class A

7,138

170,170

BrightSpire

Capital,

Inc.

3,087

23,523

Broadmark

Realty

Capital,

Inc.

13,289

58,206

Chimera

Investment

Corp.

12,176

88,763

Claros

Mortgage

Trust,

Inc.

(d)

5,844

97,828

Dynex

Capital,

Inc.

1,777

25,607

Ellington

Financial,

Inc.

4,037

55,428

Franklin

BSP

Realty

Trust,

Inc.

540

7,830

Granite

Point

Mortgage

Trust,

Inc.

332

2,218

Great

Ajax

Corp.

137

1,201

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,028

148,673

Invesco

Mortgage

Capital,

Inc.

833

12,237

KKR

Real

Estate

Finance

Trust,

Inc.

1,038

16,535

Ladder

Capital

Corp.

9,348

104,698

MFA

Financial,

Inc.

6,331

75,276

New

York

Mortgage

Trust,

Inc.

45,932

143,308

Orchid

Island

Capital,

Inc.

745

9,081

PennyMac

Mortgage

Investment

Trust

4,799

73,185

Ready

Capital

Corp.

1,886

24,952

Redwood

Trust,

Inc.

10,344

86,476

Rithm

Capital

Corp.

23,132

217,672

Starwood

Property

Trust,

Inc.

17,830

372,469

TPG

RE

Finance

Trust,

Inc.

2,384

20,765

Two

Harbors

Investment

Corp.

4,412

79,151

3,253,732

Multiline

Retail

0.2%

Big

Lots,

Inc.

(d)

1,211

19,812

Dillard's,

Inc.,

Class A

(d)

178

70,009

Dollar

General

Corp.

12,542

2,929,811

Dollar

Tree,

Inc.

*(d)

11,906

1,788,043

Franchise

Group,

Inc.

(d)

2,346

72,468

Kohl's

Corp.

(d)

7,161

231,802

Macy's,

Inc.

15,665

370,164

Nordstrom,

Inc.

(d)

6,599

128,944

Common

Stocks

Shares

Value

($)

Multiline

Retail

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

3,788

207,431

Target

Corp.

(d)

26,207

4,511,273

10,329,757

Multi-Utilities

0.3%

Ameren

Corp.

14,955

1,299,141

Avista

Corp.

(d)

957

38,184

Black

Hills

Corp.

3,256

235,669

CenterPoint

Energy,

Inc.

39,466

1,188,716

CMS

Energy

Corp.

(d)

15,767

996,317

Consolidated

Edison,

Inc.

19,452

1,853,970

Dominion

Energy,

Inc.

48,767

3,103,532

DTE

Energy

Co.

10,966

1,276,114

NiSource,

Inc.

23,527

652,874

NorthWestern

Corp.

3,065

174,092

Public

Service

Enterprise

Group,

Inc.

31,196

1,931,968

Sempra

Energy

18,879

3,026,870

Unitil

Corp.

539

28,120

WEC

Energy

Group,

Inc.

18,362

1,725,844

17,531,411

Oil,

Gas

&

Consumable

Fuels

2.1%

Aemetis,

Inc.

*(d)

5,384

25,143

Alto

Ingredients,

Inc.

*

461

1,563

Amplify

Energy

Corp.

*

227

1,966

Antero

Midstream

Corp.

(d)

36,951

402,766

Antero

Resources

Corp.

*(d)

15,200

438,368

APA

Corp.

18,661

827,242

Arch

Resources,

Inc.

823

121,820

Ardmore

Shipping

Corp.

*

3,427

50,206

Berry

Corp.

2,643

24,316

California

Resources

Corp.

4,221

180,363

Callon

Petroleum

Co.

*(d)

2,423

103,099

Centrus

Energy

Corp.,

Class A

*(d)

78

3,202

Cheniere

Energy,

Inc.

14,056

2,147,616

Chesapeake

Energy

Corp.

6,361

551,626

Chevron

Corp.

108,723

18,919,976

Chord

Energy

Corp.

2,288

327,958

Civitas

Resources,

Inc.

3,778

251,426

Clean

Energy

Fuels

Corp.

*

11,125

62,968

CNX

Resources

Corp.

*(d)

11,512

192,596

Comstock

Resources,

Inc.

(d)

12,403

150,696

ConocoPhillips

70,259

8,562,464

CONSOL

Energy,

Inc.

2,103

121,616

Coterra

Energy,

Inc.

(d)

43,502

1,088,855

Crescent

Energy

Co.,

Class A

(d)

756

9,117

Crescent

Point

Energy

Corp.

6,023

44,932

CVR

Energy,

Inc.

(d)

1,186

39,375

Delek

US

Holdings,

Inc.

4,539

121,464

Denbury,

Inc.

*

2,770

240,381

Devon

Energy

Corp.

36,929

2,335,390

DHT

Holdings,

Inc.

7,579

64,952

Diamondback

Energy,

Inc.

9,685

1,415,172

Dorian

LPG

Ltd.

734

14,570

DT

Midstream,

Inc.

(d)

4,683

255,973

Earthstone

Energy,

Inc.,

Class A

*(d)

1,513

21,031

Empire

Petroleum

Corp.

*

64

844

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Enbridge,

Inc.

3,142

128,728

Energy

Fuels,

Inc.

*(d)

6,060

44,662

Enviva,

Inc.

1,270

57,760

EOG

Resources,

Inc.

33,300

4,403,925

EQT

Corp.

20,666

675,158

Equitrans

Midstream

Corp.

21,897

158,753

Excelerate

Energy,

Inc.,

Class A

2,419

56,363

Exxon

Mobil

Corp.

230,491

26,739,261

FLEX

LNG

Ltd.

(d)

1,963

61,049

Frontline

plc

(d)

7,457

103,130

Gevo,

Inc.

*(d)

16,067

34,062

Golar

LNG

Ltd.

*

4,132

96,854

Green

Plains,

Inc.

*(d)

574

19,958

Gulfport

Energy

Corp.

*(d)

793

54,043

Hess

Corp.

15,834

2,377,633

Hess

Midstream

LP,

Class A

277

8,554

HF

Sinclair

Corp.

7,334

417,305

HighPeak

Energy,

Inc.

(d)

90

2,516

International

Seaways,

Inc.

2,584

100,363

Kinder

Morgan,

Inc.

(d)

108,913

1,993,108

Kinetik

Holdings,

Inc.

1,495

46,779

KNOT

Offshore

Partners

LP

157

882

Kosmos

Energy

Ltd.

*

24,086

190,520

Magnolia

Oil

&

Gas

Corp.,

Class A

(d)

12,987

306,623

Marathon

Oil

Corp.

37,448

1,028,697

Marathon

Petroleum

Corp.

26,216

3,369,280

Matador

Resources

Co.

(d)

5,853

387,234

Murphy

Oil

Corp.

8,282

361,178

Navigator

Holdings

Ltd.

*

202

2,608

New

Fortress

Energy,

Inc.

(d)

3,529

136,890

NextDecade

Corp.

*(d)

446

2,672

Nordic

American

Tankers

Ltd.

5,783

17,580

Northern

Oil

and

Gas,

Inc.

(d)

3,779

126,672

Occidental

Petroleum

Corp.

(d)

45,451

2,944,770

ONEOK,

Inc.

(d)

26,838

1,837,866

Ovintiv,

Inc.

(d)

14,223

700,198

Par

Pacific

Holdings,

Inc.

*

2,798

74,791

PBF

Energy,

Inc.,

Class A

(d)

5,747

241,317

PDC

Energy,

Inc.

(d)

5,607

379,762

Peabody

Energy

Corp.

*(d)

6,497

181,201

Pembina

Pipeline

Corp.

685

24,318

Permian

Resources

Corp.

(d)

13,037

141,712

Phillips

66

26,357

2,642,816

Pioneer

Natural

Resources

Co.

(d)

13,456

3,099,590

Plains

GP

Holdings

LP,

Class A

*(d)

1,196

15,656

Range

Resources

Corp.

13,183

329,839

Ranger

Oil

Corp.

769

32,298

REX

American

Resources

Corp.

*

676

22,119

Riley

Exploration

Permian,

Inc.

22

730

Ring

Energy,

Inc.

*

682

1,610

SandRidge

Energy,

Inc.

*(d)

204

3,225

Scorpio

Tankers,

Inc.

2,741

131,212

SFL

Corp.

Ltd.

8,883

90,429

SilverBow

Resources,

Inc.

*(d)

1,346

35,359

Sitio

Royalties

Corp.

(d)

3,849

102,268

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

SM

Energy

Co.

6,485

213,162

Southwestern

Energy

Co.

*

62,424

344,580

Talos

Energy,

Inc.

*

4,486

88,868

Targa

Resources

Corp.

13,393

1,004,743

TC

Energy

Corp.

199

8,585

Teekay

Corp.

*

452

2,197

Teekay

Tankers

Ltd.,

Class A

*

2,023

62,086

Tellurian,

Inc.

*

30,540

60,775

Texas

Pacific

Land

Corp.

317

632,684

Tsakos

Energy

Navigation

Ltd.

136

2,335

Uranium

Energy

Corp.

*(d)

18,677

75,268

VAALCO

Energy,

Inc.

(d)

673

3,129

Valero

Energy

Corp.

21,163

2,963,455

Vertex

Energy,

Inc.

*(d)

4,857

35,359

Viper

Energy

Partners

LP

479

15,208

Vital

Energy,

Inc.

*(d)

522

29,378

Vitesse

Energy,

Inc.

*

1,540

24,578

W&T

Offshore,

Inc.

*

4,038

25,116

Williams

Cos.,

Inc.

(The)

66,925

2,157,662

World

Fuel

Services

Corp.

4,833

136,774

103,550,880

Paper

&

Forest

Products

0.0%

†

Clearwater

Paper

Corp.

*

673

25,985

Glatfelter

Corp.

1,780

7,796

Louisiana-Pacific

Corp.

3,785

257,721

Resolute

Forest

Products,

Inc.

*

2,964

64,348

Sylvamo

Corp.

2,279

108,321

464,171

Personal

Products

0.1%

Beauty

Health

Co.

(The)

*(d)

5,055

57,627

BellRing

Brands,

Inc.

*

7,770

220,357

Coty,

Inc.,

Class A

*

23,367

232,735

Edgewell

Personal

Care

Co.

(d)

3,100

132,866

elf

Beauty,

Inc.

*

2,645

152,220

Estee

Lauder

Cos.,

Inc.

(The),

Class A

(d)

13,007

3,603,980

Herbalife

Nutrition

Ltd.

*(d)

7,081

124,413

Honest

Co.,

Inc.

(The)

*

332

1,096

Inter

Parfums,

Inc.

1,382

163,380

Medifast,

Inc.

633

70,548

Nature's

Sunshine

Products,

Inc.

*

434

4,583

Nu

Skin

Enterprises,

Inc.,

Class A

(d)

3,020

129,498

Olaplex

Holdings,

Inc.

*

18,682

117,883

USANA

Health

Sciences,

Inc.

*

1,570

91,751

Veru,

Inc.

*(d)

2,763

15,915

Waldencast

plc

*

188

1,652

5,120,504

Pharmaceuticals

1.9%

Aclaris

Therapeutics,

Inc.

*

4,152

70,169

Amneal

Pharmaceuticals,

Inc.

*(d)

4,008

8,818

Amphastar

Pharmaceuticals,

Inc.

*

1,431

43,302

Amylyx

Pharmaceuticals,

Inc.

*(d)

3,128

122,586

54

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Pharmaceuticals

AN2

Therapeutics,

Inc.

*

74

900

ANI

Pharmaceuticals,

Inc.

*

425

19,010

Arvinas,

Inc.

*(d)

2,592

84,940

ATAI

Life

Sciences

NV

*

796

1,417

Atea

Pharmaceuticals,

Inc.

*(d)

2,272

10,519

Athira

Pharma,

Inc.

*

1,419

5,733

Axsome

Therapeutics,

Inc.

*(d)

1,866

139,950

Bristol-Myers

Squibb

Co.

119,361

8,671,577

Cara

Therapeutics,

Inc.

*(d)

1,613

18,840

Cassava

Sciences,

Inc.

*(d)

2,067

57,876

Catalent,

Inc.

*

9,635

515,954

CinCor

Pharma,

Inc.

*

1,677

48,516

Collegium

Pharmaceutical,

Inc.

*

1,377

38,666

Corcept

Therapeutics,

Inc.

*(d)

5,420

123,901

Cymabay

Therapeutics,

Inc.

*

544

4,564

Daiichi

Sankyo

Co.

Ltd.

104,000

3,268,487

DICE

Therapeutics,

Inc.

*

1,684

53,501

Edgewise

Therapeutics,

Inc.

*(d)

273

2,793

Elanco

Animal

Health,

Inc.

*

32,327

443,850

Eli

Lilly

&

Co.

47,164

16,231,491

Esperion

Therapeutics,

Inc.

*(d)

1,329

8,452

Evolus,

Inc.

*(d)

987

10,255

EyePoint

Pharmaceuticals,

Inc.

*

172

801

Fulcrum

Therapeutics,

Inc.

*(d)

2,343

29,545

Harmony

Biosciences

Holdings,

Inc.

*

1,798

86,610

Harrow

Health,

Inc.

*(d)

157

2,358

Innoviva,

Inc.

*(d)

4,308

54,496

Intra-Cellular

Therapies,

Inc.

*

5,241

251,149

Jazz

Pharmaceuticals

plc

*

3,568

558,963

Johnson

&

Johnson

147,218

24,058,365

Kyowa

Kirin

Co.

Ltd.

134,000

2,992,025

Ligand

Pharmaceuticals,

Inc.

*

865

60,290

Liquidia

Corp.

*(d)

4,266

28,156

Marinus

Pharmaceuticals,

Inc.

*

306

1,943

Merck

&

Co.,

Inc.

143,048

15,364,786

Mind

Medicine

MindMed,

Inc.

*

213

726

Nektar

Therapeutics

*

11,770

32,014

NGM

Biopharmaceuticals,

Inc.

*

1,149

6,021

Nuvation

Bio,

Inc.

*

10,142

24,949

Ocular

Therapeutix,

Inc.

*

2,450

9,579

Omeros

Corp.

*

389

1,128

Oramed

Pharmaceuticals,

Inc.

*

228

454

Organon

&

Co.

14,324

431,582

Pacira

BioSciences,

Inc.

*(d)

2,033

79,836

Perrigo

Co.

plc

7,561

282,933

Pfizer,

Inc.

317,916

14,039,170

Phathom

Pharmaceuticals,

Inc.

*(d)

529

6,311

Phibro

Animal

Health

Corp.,

Class A

838

12,905

Pliant

Therapeutics,

Inc.

*

255

8,935

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Prestige

Consumer

Healthcare,

Inc.

*

2,972

195,439

Provention

Bio,

Inc.

*(d)

1,683

14,575

Reata

Pharmaceuticals,

Inc.,

Class A

*(d)

1,675

72,578

Relmada

Therapeutics,

Inc.

*

576

2,338

Revance

Therapeutics,

Inc.

*(d)

4,904

170,071

Royalty

Pharma

plc,

Class A

20,726

812,252

Scilex

Holding

Co.

*∞(d)

2,623

20,695

SIGA

Technologies,

Inc.

(d)

2,232

16,361

Supernus

Pharmaceuticals,

Inc.

*

1,975

80,995

Tarsus

Pharmaceuticals,

Inc.

*

145

2,285

Theravance

Biopharma,

Inc.

*

1,870

20,215

Third

Harmonic

Bio,

Inc.

*

93

406

Ventyx

Biosciences,

Inc.

*

1,551

65,142

Verrica

Pharmaceuticals,

Inc.

*

156

721

Viatris,

Inc.

68,830

836,973

Zoetis,

Inc.

28,380

4,696,606

95,439,749

Professional

Services

0.4%

Alight,

Inc.,

Class A

*

15,981

150,062

ASGN,

Inc.

*

2,656

241,563

Atlas

Technical

Consultants,

Inc.

*

169

2,050

Barrett

Business

Services,

Inc.

298

29,615

BayCurrent

Consulting,

Inc.

43,800

1,862,553

BlackSky

Technology,

Inc.

*

470

855

Booz

Allen

Hamilton

Holding

Corp.

7,356

696,172

CACI

International,

Inc.,

Class A

*

1,312

404,214

CBIZ,

Inc.

*

3,627

172,609

Clarivate

plc

*

29,287

325,671

CoStar

Group,

Inc.

*

24,064

1,874,586

CRA

International,

Inc.

247

29,353

Dun

&

Bradstreet

Holdings,

Inc.

20,923

306,522

Equifax,

Inc.

(d)

7,152

1,589,174

Exponent,

Inc.

2,816

288,753

First

Advantage

Corp.

*

4,181

58,032

FiscalNote

Holdings,

Inc.

*

441

1,544

Forrester

Research,

Inc.

*

452

16,751

Franklin

Covey

Co.

*

511

23,710

FTI

Consulting,

Inc.

*

1,834

292,560

Heidrick

&

Struggles

International,

Inc.

772

23,747

HireRight

Holdings

Corp.

*

126

1,441

Huron

Consulting

Group,

Inc.

*(d)

867

58,991

ICF

International,

Inc.

(d)

738

75,416

Insperity,

Inc.

(d)

2,055

227,180

Jacobs

Solutions,

Inc.

7,234

893,761

KBR,

Inc.

7,555

387,043

Kelly

Services,

Inc.,

Class A

1,382

25,014

Kforce,

Inc.

822

46,139

Korn

Ferry

(d)

3,421

184,700

Legalzoom.com,

Inc.

*

4,846

41,094

Leidos

Holdings,

Inc.

7,614

752,568

ManpowerGroup,

Inc.

3,055

266,274

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Professional

Services

NV5

Global,

Inc.

*

1,038

138,355

Planet

Labs

PBC

*(d)

11,599

57,415

Recruit

Holdings

Co.

Ltd.

156,800

5,033,189

Red

Violet,

Inc.

*

62

1,474

Resources

Connection,

Inc.

1,278

22,071

Robert

Half

International,

Inc.

6,093

511,568

Science

Applications

International

Corp.

3,023

313,727

Skillsoft

Corp.

*

514

987

Spire

Global,

Inc.

*

653

777

Sterling

Check

Corp.

*

534

7,449

TransUnion

10,920

783,510

TriNet

Group,

Inc.

*

2,365

178,439

TrueBlue,

Inc.

*

1,384

27,168

Upwork,

Inc.

*

6,335

82,102

Verisk

Analytics,

Inc.

(d)

8,759

1,592,299

Willdan

Group,

Inc.

*

440

8,378

20,108,625

Real

Estate

Management

&

Development

0.1%

Anywhere

Real

Estate,

Inc.

*

6,220

52,746

CBRE

Group,

Inc.,

Class A

*

19,120

1,634,951

Compass,

Inc.,

Class A

*

17,175

69,043

Cushman

&

Wakefield

plc

*(d)

7,484

107,994

DigitalBridge

Group,

Inc.

10,007

148,104

Doma

Holdings,

Inc.

*(d)

449

319

Douglas

Elliman,

Inc.

2,348

10,942

eXp

World

Holdings,

Inc.

(d)

3,591

55,984

Five

Point

Holdings

LLC,

Class A

*

414

1,068

Forestar

Group,

Inc.

*

552

8,214

FRP

Holdings,

Inc.

*

291

16,345

Howard

Hughes

Corp.

(The)

*(d)

2,129

182,008

Jones

Lang

LaSalle,

Inc.

*(d)

2,619

484,174

Kennedy-Wilson

Holdings,

Inc.

5,834

104,312

Marcus

&

Millichap,

Inc.

968

35,080

Newmark

Group,

Inc.,

Class A

8,524

73,051

Offerpad

Solutions,

Inc.

*

317

291

Opendoor

Technologies,

Inc.

*(d)

24,373

53,377

RE/MAX

Holdings,

Inc.,

Class A

98

2,235

Redfin

Corp.

*(d)

5,685

42,524

RMR

Group,

Inc.

(The),

Class A

590

18,302

Seritage

Growth

Properties,

Class A

*

226

2,746

St

Joe

Co.

(The)

1,247

58,734

Tejon

Ranch

Co.

*

922

18,458

Transcontinental

Realty

Investors,

Inc.

*

8

364

WeWork,

Inc.

*(d)

10,075

16,019

Zillow

Group,

Inc.,

Class A

*(d)

12,667

553,658

3,751,043

Road

&

Rail

0.5%

ArcBest

Corp.

1,389

115,912

Avis

Budget

Group,

Inc.

*

1,501

300,260

Bird

Global,

Inc.,

Class A

*

954

224

Covenant

Logistics

Group,

Inc.

(d)

433

14,358

Common

Stocks

Shares

Value

($)

Road

&

Rail

CSX

Corp.

119,448

3,693,332

Daseke,

Inc.

*

1,583

11,049

Getaround,

Inc.

*(d)

963

616

Heartland

Express,

Inc.

1,954

32,866

Hertz

Global

Holdings,

Inc.

*

11,472

206,725

JB

Hunt

Transport

Services,

Inc.

4,850

916,893

Knight-Swift

Transportation

Holdings,

Inc.

8,522

503,650

Landstar

System,

Inc.

(d)

2,066

357,067

Lyft,

Inc.,

Class A

*

16,195

263,169

Marten

Transport

Ltd.

(d)

2,339

51,669

Norfolk

Southern

Corp.

13,092

3,218,145

Old

Dominion

Freight

Line,

Inc.

5,674

1,890,804

PAM

Transportation

Services,

Inc.

*

41

1,187

RXO,

Inc.

*(d)

4,663

85,426

Ryder

System,

Inc.

3,212

303,245

Saia,

Inc.

*(d)

1,406

383,529

Schneider

National,

Inc.,

Class B

3,383

89,650

TuSimple

Holdings,

Inc.,

Class A

*(d)

7,442

15,628

Uber

Technologies,

Inc.

*

108,423

3,353,523

U-Haul

Holding

Co.

(d)

4,579

285,336

Union

Pacific

Corp.

34,612

7,067,424

Universal

Logistics

Holdings,

Inc.

(d)

286

10,273

Werner

Enterprises,

Inc.

3,012

141,474

XPO,

Inc.

*

5,383

214,566

Yellow

Corp.

*

317

1,049

23,529,049

Semiconductors

&

Semiconductor

Equipment

2.3%

ACM

Research,

Inc.,

Class A

*

3,619

45,201

Advanced

Micro

Devices,

Inc.

*

89,900

6,755,985

Advantest

Corp.

82,500

5,898,549

Aehr

Test

Systems

*

160

5,594

Allegro

MicroSystems,

Inc.

*(d)

4,149

158,367

Alpha

&

Omega

Semiconductor

Ltd.

*

686

22,611

Ambarella,

Inc.

*(d)

1,926

173,032

Amkor

Technology,

Inc.

6,214

181,822

Analog

Devices,

Inc.

29,068

4,984,290

Applied

Materials,

Inc.

48,699

5,429,452

Atomera,

Inc.

*(d)

538

3,927

Axcelis

Technologies,

Inc.

*

1,783

196,041

AXT,

Inc.

*

1,322

7,787

Broadcom,

Inc.

21,574

12,621,006

CEVA,

Inc.

*

1,039

34,412

Cirrus

Logic,

Inc.

*

3,098

280,028

Cohu,

Inc.

*

3,570

128,806

Credo

Technology

Group

Holding

Ltd.

*

4,829

83,687

Diodes,

Inc.

*

2,433

216,999

Enphase

Energy,

Inc.

*

7,317

1,619,837

Entegris,

Inc.

8,376

676,043

First

Solar,

Inc.

*

5,988

1,063,469

FormFactor,

Inc.

*

4,432

124,716

56

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

GLOBALFOUNDRIES,

Inc.

*(d)

3,700

219,336

Ichor

Holdings

Ltd.

*

2,294

77,537

Impinj,

Inc.

*

1,368

177,539

indie

Semiconductor,

Inc.,

Class A

*(d)

9,958

79,365

Intel

Corp.

228,620

6,460,801

KLA

Corp.

7,893

3,097,845

Kopin

Corp.

*

540

648

Kulicke

&

Soffa

Industries,

Inc.

(d)

3,429

175,222

Lam

Research

Corp.

7,698

3,849,770

Lattice

Semiconductor

Corp.

*

8,566

649,217

MACOM

Technology

Solutions

Holdings,

Inc.

*(d)

2,889

193,621

Marvell

Technology,

Inc.

49,185

2,122,333

MaxLinear,

Inc.

*

3,927

161,792

Meta

Materials,

Inc.

*(d)

2,058

2,079

Microchip

Technology,

Inc.

30,649

2,378,975

Micron

Technology,

Inc.

60,878

3,670,943

MKS

Instruments,

Inc.

(d)

3,399

347,786

Monolithic

Power

Systems,

Inc.

2,565

1,094,126

Navitas

Semiconductor

Corp.

*(d)

488

2,420

NVE

Corp.

31

2,259

NVIDIA

Corp.

134,616

26,299,928

ON

Semiconductor

Corp.

*

24,945

1,832,210

Onto

Innovation,

Inc.

*

2,199

172,951

PDF

Solutions,

Inc.

*

1,177

37,405

Photronics,

Inc.

*

2,566

46,496

Power

Integrations,

Inc.

3,179

273,680

Qorvo,

Inc.

*

5,758

625,664

QUALCOMM,

Inc.

62,653

8,346,006

Rambus,

Inc.

*

6,450

261,032

Rigetti

Computing,

Inc.

*(d)

510

398

Semtech

Corp.

*(d)

3,523

116,365

Silicon

Laboratories,

Inc.

*(d)

1,699

266,590

SiTime

Corp.

*

817

94,143

SkyWater

Technology,

Inc.

*

95

1,028

Skyworks

Solutions,

Inc.

(d)

9,609

1,053,819

SMART

Global

Holdings,

Inc.

*(d)

3,373

57,982

SolarEdge

Technologies,

Inc.

*

358

114,249

Synaptics,

Inc.

*

2,298

287,319

Teradyne,

Inc.

(d)

9,833

1,000,016

Texas

Instruments,

Inc.

51,462

9,119,581

Transphorm,

Inc.

*

143

666

Ultra

Clean

Holdings,

Inc.

*

1,691

56,902

Universal

Display

Corp.

2,642

350,144

Veeco

Instruments,

Inc.

*(d)

2,006

39,839

Wolfspeed,

Inc.

*(d)

6,656

512,579

116,442,267

Software

3.9%

8x8,

Inc.

*

6,903

32,513

A10

Networks,

Inc.

(d)

2,602

40,279

ACI

Worldwide,

Inc.

*

6,486

181,154

Adeia,

Inc.

8,809

96,459

Adobe,

Inc.

*

26,052

9,648,098

Agilysys,

Inc.

*

739

61,751

Alarm.com

Holdings,

Inc.

*

2,582

138,395

Common

Stocks

Shares

Value

($)

Software

Alkami

Technology,

Inc.

*

231

3,781

Altair

Engineering,

Inc.,

Class A

*(d)

2,931

155,636

Alteryx,

Inc.,

Class A

*

2,955

163,973

American

Software,

Inc.,

Class A

1,198

18,222

Amplitude,

Inc.,

Class A

*(d)

3,743

53,824

ANSYS,

Inc.

*

4,961

1,321,412

Appfolio,

Inc.,

Class A

*

1,151

129,292

Appian

Corp.,

Class A

*

2,220

91,830

AppLovin

Corp.,

Class A

*(d)

11,069

140,576

Arteris,

Inc.

*

105

659

Asana,

Inc.,

Class A

*(d)

5,545

85,948

Aspen

Technology,

Inc.

*

1,582

314,423

Atlassian

Corp.,

Class A

*(d)

8,117

1,311,870

Autodesk,

Inc.

*

12,434

2,675,299

Avaya

Holdings

Corp.

*(d)

1,679

600

AvePoint,

Inc.

*(d)

13,545

60,546

Bentley

Systems,

Inc.,

Class B

(d)

9,833

383,979

Bill.com

Holdings,

Inc.

*(d)

5,489

634,638

Black

Knight,

Inc.

*

8,753

530,344

Blackbaud,

Inc.

*

2,557

159,071

Blackline,

Inc.

*(d)

3,036

217,985

Blend

Labs,

Inc.,

Class A

*(d)

19,379

32,169

Box,

Inc.,

Class A

*(d)

7,744

247,731

Braze,

Inc.,

Class A

*(d)

227

7,264

C3.ai,

Inc.,

Class A

*(d)

2,692

53,436

Cadence

Design

Systems,

Inc.

*

15,241

2,786,512

CCC

Intelligent

Solutions

Holdings,

Inc.

*(d)

8,773

81,150

Cerence,

Inc.

*

2,090

51,247

Ceridian

HCM

Holding,

Inc.

*(d)

8,003

578,457

Check

Point

Software

Technologies

Ltd.

*

790

100,488

Cipher

Mining,

Inc.

*(d)

256

307

Cleanspark,

Inc.

*

365

1,157

Clear

Secure,

Inc.,

Class A

(d)

3,337

104,748

Clearwater

Analytics

Holdings,

Inc.,

Class A

*(d)

161

3,152

CommVault

Systems,

Inc.

*

2,747

170,946

Confluent,

Inc.,

Class A

*

6,661

153,869

Consensus

Cloud

Solutions,

Inc.

*(d)

494

29,032

CoreCard

Corp.

*

39

1,306

Couchbase,

Inc.

*(d)

1,324

19,582

Coupa

Software,

Inc.

*

5,672

453,306

Crowdstrike

Holdings,

Inc.,

Class A

*

11,796

1,249,196

CS

Disco,

Inc.

*(d)

2,278

18,930

Cvent

Holding

Corp.

*(d)

9,682

78,134

Datadog,

Inc.,

Class A

*

14,863

1,111,901

Dave,

Inc.

*

35

318

Digimarc

Corp.

*(d)

499

9,970

Digital

Turbine,

Inc.

*

4,889

84,873

DocuSign,

Inc.

*(d)

11,359

688,810

Dolby

Laboratories,

Inc.,

Class A

3,860

307,102

Domo,

Inc.,

Class B

*

976

15,138

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Software

DoubleVerify

Holdings,

Inc.

*

4,187

113,845

Dropbox,

Inc.,

Class A

*(d)

18,212

423,065

Duck

Creek

Technologies,

Inc.

*

5,326

100,821

Dynatrace,

Inc.

*

10,814

415,582

E2open

Parent

Holdings,

Inc.

*

10,829

74,720

Ebix,

Inc.

1,006

19,174

eGain

Corp.

*

815

7,922

Elastic

NV

*

4,741

278,960

Enfusion,

Inc.,

Class A

*

89

1,057

EngageSmart,

Inc.

*

144

2,837

Envestnet,

Inc.

*(d)

401

26,065

Everbridge,

Inc.

*

2,129

68,043

EverCommerce,

Inc.

*

178

1,839

Expensify,

Inc.,

Class A

*(d)

261

2,717

Fair

Isaac

Corp.

*(d)

1,349

898,367

Five9,

Inc.

*(d)

3,743

294,874

ForgeRock,

Inc.,

Class A

*(d)

2,519

50,027

Fortinet,

Inc.

*

37,087

1,941,134

Freshworks,

Inc.,

Class A

*(d)

968

15,662

Gen

Digital,

Inc.

32,387

745,225

Gitlab,

Inc.,

Class A

*(d)

801

39,577

Guidewire

Software,

Inc.

*(d)

5,586

409,119

HashiCorp,

Inc.,

Class A

*(d)

1,202

38,680

HubSpot,

Inc.

*

2,593

899,797

Informatica,

Inc.,

Class A

*(d)

3,429

61,036

Instructure

Holdings,

Inc.

*(d)

104

2,811

Intapp,

Inc.

*

100

2,898

InterDigital,

Inc.

2,088

146,056

Intuit,

Inc.

15,428

6,520,953

Jamf

Holding

Corp.

*(d)

3,450

68,552

JFrog

Ltd.

*

410

10,541

KnowBe4,

Inc.,

Class A

*

4,130

102,796

Latch,

Inc.

*

647

595

LivePerson,

Inc.

*

3,622

46,651

LiveRamp

Holdings,

Inc.

*

4,023

107,655

LiveVox

Holdings,

Inc.

*

82

239

Manhattan

Associates,

Inc.

*

3,405

443,876

Marathon

Digital

Holdings,

Inc.

*(d)

5,719

41,234

Matterport,

Inc.

*(d)

16,120

56,742

MeridianLink,

Inc.

*(d)

111

1,763

Microsoft

Corp.

421,145

104,363,942

MicroStrategy,

Inc.,

Class A

*(d)

470

118,313

Mitek

Systems,

Inc.

*(d)

4,512

44,488

Model

N,

Inc.

*(d)

2,926

116,045

Momentive

Global,

Inc.

*

7,257

55,951

N-able,

Inc.

*(d)

1,175

12,067

nCino,

Inc.

*(d)

3,553

101,616

NCR

Corp.

*(d)

6,787

186,100

New

Relic,

Inc.

*

2,884

176,068

NextNav,

Inc.

*(d)

271

802

Nutanix,

Inc.,

Class A

*

13,589

378,725

Olo,

Inc.,

Class A

*(d)

6,915

55,458

ON24,

Inc.

*

942

8,742

OneSpan,

Inc.

*

1,319

18,215

Oracle

Corp.

85,567

7,569,257

PagerDuty,

Inc.

*(d)

5,202

154,968

Palantir

Technologies,

Inc.,

Class A

*

106,362

827,496

Palo

Alto

Networks,

Inc.

*(d)

16,879

2,677,685

Common

Stocks

Shares

Value

($)

Software

Paycom

Software,

Inc.

*

2,864

927,764

Paycor

HCM,

Inc.

*

2,462

61,821

Paylocity

Holding

Corp.

*

2,249

468,444

Pegasystems,

Inc.

2,242

87,169

PowerSchool

Holdings,

Inc.,

Class A

*(d)

1,666

37,518

Procore

Technologies,

Inc.

*(d)

4,493

251,383

Progress

Software

Corp.

1,647

87,357

PROS

Holdings,

Inc.

*

2,676

67,435

PTC,

Inc.

*

6,176

833,019

Q2

Holdings,

Inc.

*

3,222

105,424

Qualtrics

International,

Inc.,

Class A

*(d)

662

10,440

Qualys,

Inc.

*

1,876

216,415

Rapid7,

Inc.

*(d)

3,090

123,198

Rimini

Street,

Inc.

*

952

4,284

RingCentral,

Inc.,

Class A

*

4,296

167,673

Riot

Platforms,

Inc.

*(d)

4,838

30,334

Roper

Technologies,

Inc.

5,938

2,534,042

Salesforce,

Inc.

*

54,847

9,212,651

Samsara,

Inc.,

Class A

*

3,654

49,841

Sapiens

International

Corp.

NV

1,095

24,813

SecureWorks

Corp.,

Class A

*

263

2,109

SEMrush

Holdings,

Inc.,

Class A

*

184

1,798

SentinelOne,

Inc.,

Class A

*(d)

11,617

175,301

ServiceNow,

Inc.

*

11,222

5,107,469

ShotSpotter,

Inc.

*

326

12,567

Smartsheet,

Inc.,

Class A

*

6,910

298,581

Smith

Micro

Software,

Inc.

*

321

1,043

SolarWinds

Corp.

*

1,058

10,749

SoundHound

AI,

Inc.

*

721

1,435

Splunk,

Inc.

*

9,116

873,039

Sprinklr,

Inc.,

Class A

*

615

6,113

Sprout

Social,

Inc.,

Class A

*(d)

2,479

158,582

SPS

Commerce,

Inc.

*

1,870

254,470

Sumo

Logic,

Inc.

*

2,822

33,384

Synopsys,

Inc.

*

8,581

3,035,529

Telos

Corp.

*

1,405

6,814

Tenable

Holdings,

Inc.

*

5,621

226,133

Teradata

Corp.

*

5,998

209,210

Terawulf,

Inc.

*

165

161

Tyler

Technologies,

Inc.

*

2,304

743,662

UiPath,

Inc.,

Class A

*

19,665

302,054

Unity

Software,

Inc.

*(d)

14,066

499,624

Upland

Software,

Inc.

*

1,048

9,149

Varonis

Systems,

Inc.

*

5,886

152,094

Verint

Systems,

Inc.

*

3,872

147,020

Veritone,

Inc.

*

1,084

9,160

Vertex,

Inc.,

Class A

*

226

3,051

Viant

Technology,

Inc.,

Class A

*

763

3,464

VMware,

Inc.,

Class A

*

11,817

1,447,228

Weave

Communications,

Inc.

*

201

1,045

WM

Technology,

Inc.

*

461

581

Workday,

Inc.,

Class A

*

11,079

2,010,063

Workiva,

Inc.

*(d)

2,582

223,420

Xperi,

Inc.

*

1,056

10,930

Yext,

Inc.

*

3,770

26,202

58

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Software

Zeta

Global

Holdings

Corp.,

Class A

*

7,670

69,644

Zoom

Video

Communications,

Inc.,

Class A

*

13,967

1,047,525

Zscaler,

Inc.

*

4,613

572,750

Zuora,

Inc.,

Class A

*

7,338

58,117

191,494,528

Specialty

Retail

1.2%

Aaron's

Co.,

Inc.

(The)

1,278

18,723

Abercrombie

&

Fitch

Co.,

Class A

*

3,621

104,864

Academy

Sports

&

Outdoors,

Inc.

4,354

254,361

Advance

Auto

Parts,

Inc.

3,482

530,239

American

Eagle

Outfitters,

Inc.

(d)

8,806

142,129

America's

Car-Mart,

Inc.

*

243

20,932

Arhaus,

Inc.

*

131

1,854

Arko

Corp.

3,903

32,746

Asbury

Automotive

Group,

Inc.

*(d)

1,171

257,620

AutoNation,

Inc.

*(d)

1,892

239,754

AutoZone,

Inc.

*

1,065

2,597,375

Barnes

&

Noble

Education,

Inc.

*

214

494

Bath

&

Body

Works,

Inc.

13,229

608,666

Bed

Bath

&

Beyond,

Inc.

*(d)

6,583

18,564

Best

Buy

Co.,

Inc.

11,280

1,000,762

Big

5

Sporting

Goods

Corp.

1,629

16,274

Boot

Barn

Holdings,

Inc.

*

1,638

136,757

Buckle,

Inc.

(The)

1,864

82,016

Burlington

Stores,

Inc.

*(d)

3,692

848,532

Caleres,

Inc.

1,514

39,394

Camping

World

Holdings,

Inc.,

Class A

(d)

2,959

75,188

CarMax,

Inc.

*(d)

8,687

611,999

Carvana

Co.

*(d)

4,127

41,972

Cato

Corp.

(The),

Class A

932

9,264

Chico's

FAS,

Inc.

*

4,874

25,686

Children's

Place,

Inc.

(The)

*

298

13,520

Citi

Trends,

Inc.

*

348

10,955

Conn's,

Inc.

*

680

6,399

Container

Store

Group,

Inc.

(The)

*

874

4,553

Designer

Brands,

Inc.,

Class A

4,219

43,498

Destination

XL

Group,

Inc.

*

320

2,282

Dick's

Sporting

Goods,

Inc.

2,719

355,536

EVgo,

Inc.

*(d)

3,818

26,306

Five

Below,

Inc.

*(d)

2,951

581,731

Floor

&

Decor

Holdings,

Inc.,

Class A

*(d)

5,927

537,994

Foot

Locker,

Inc.

(d)

4,502

195,882

GameStop

Corp.,

Class A

*(d)

15,888

347,470

Gap,

Inc.

(The)

(d)

11,737

159,271

Genesco,

Inc.

*

490

23,662

Group

1

Automotive,

Inc.

(d)

711

152,047

GrowGeneration

Corp.

*(d)

1,958

10,103

Guess?,

Inc.

(d)

1,712

39,667

Haverty

Furniture

Cos.,

Inc.

716

25,003

Hibbett,

Inc.

924

61,317

Home

Depot,

Inc.

(The)

(d)

57,708

18,707,202

Common

Stocks

Shares

Value

($)

Specialty

Retail

JOANN,

Inc.

79

310

Leslie's,

Inc.

*

7,553

116,996

Lithia

Motors,

Inc.,

Class A

(d)

1,458

383,746

LL

Flooring

Holdings,

Inc.

*

1,180

7,151

Lowe's

Cos.,

Inc.

34,907

7,269,383

MarineMax,

Inc.

*

833

26,031

Monro,

Inc.

2,188

111,369

Murphy

USA,

Inc.

(d)

1,172

318,819

National

Vision

Holdings,

Inc.

*(d)

4,313

177,264

Nitori

Holdings

Co.

Ltd.

51,000

6,760,050

ODP

Corp.

(The)

*

2,811

145,048

OneWater

Marine,

Inc.,

Class A

*(d)

236

7,727

O'Reilly

Automotive,

Inc.

*

3,766

2,983,990

Penske

Automotive

Group,

Inc.

(d)

1,465

187,256

Petco

Health

&

Wellness

Co.,

Inc.

*

4,394

51,366

Rent-A-Center,

Inc.

(d)

3,524

94,760

RH

*

1,142

356,293

Ross

Stores,

Inc.

19,059

2,252,583

Sally

Beauty

Holdings,

Inc.

*(d)

6,164

96,035

Shimamura

Co.

Ltd.

7,900

741,064

Shoe

Carnival,

Inc.

860

23,487

Signet

Jewelers

Ltd.

2,757

211,765

Sleep

Number

Corp.

*(d)

711

24,444

Sonic

Automotive,

Inc.,

Class A

(d)

846

45,439

Sportsman's

Warehouse

Holdings,

Inc.

*

1,654

15,597

Tilly's,

Inc.,

Class A

*

870

7,708

TJX

Cos.,

Inc.

(The)

66,545

5,447,374

Tractor

Supply

Co.

6,231

1,420,606

TravelCenters

of

America,

Inc.

*

1,370

62,362

Ulta

Beauty,

Inc.

*

2,807

1,442,686

Urban

Outfitters,

Inc.

*

4,173

114,298

Victoria's

Secret

&

Co.

*

4,821

203,205

Volta,

Inc.

*

694

596

Vroom,

Inc.

*

778

895

Warby

Parker,

Inc.,

Class A

*(d)

5,607

90,553

Williams-Sonoma,

Inc.

(d)

3,946

532,473

Winmark

Corp.

113

31,730

Zumiez,

Inc.

*(d)

1,481

38,254

60,821,276

Technology

Hardware,

Storage

&

Peripherals

2.6%

Apple,

Inc.

849,947

122,638,853

Avid

Technology,

Inc.

*

1,305

39,554

Corsair

Gaming,

Inc.

*

1,349

21,220

CPI

Card

Group,

Inc.

*

27

989

Dell

Technologies,

Inc.,

Class C

15,379

624,695

Diebold

Nixdorf,

Inc.

*(d)

2,390

5,712

Eastman

Kodak

Co.

*(d)

837

3,021

Hewlett

Packard

Enterprise

Co.

(d)

76,011

1,226,057

HP,

Inc.

(d)

57,127

1,664,681

IonQ,

Inc.

*(d)

10,927

48,516

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Logitech

International

SA

(Registered)

360

21,013

NetApp,

Inc.

12,533

830,061

Pure

Storage,

Inc.,

Class A

*(d)

18,051

522,396

Quantum

Corp.

*

614

1,099

Stratasys

Ltd.

*

427

6,119

Super

Micro

Computer,

Inc.

*(d)

2,363

170,916

Turtle

Beach

Corp.

*

474

4,503

Western

Digital

Corp.

*

17,811

782,793

Xerox

Holdings

Corp.

7,936

129,992

128,742,190

Textiles,

Apparel

&

Luxury

Goods

0.4%

Allbirds,

Inc.,

Class A

*(d)

723

1,988

Asics

Corp.

237,500

5,661,755

Capri

Holdings

Ltd.

*

7,332

487,505

Carter's,

Inc.

(d)

2,332

194,419

Columbia

Sportswear

Co.

2,040

195,636

Crocs,

Inc.

*

3,336

406,225

Deckers

Outdoor

Corp.

*

1,463

625,403

Fossil

Group,

Inc.

*

1,949

11,070

G-III

Apparel

Group

Ltd.

*

1,773

29,999

Hanesbrands,

Inc.

(d)

18,498

156,123

Kontoor

Brands,

Inc.

(d)

2,878

137,453

Levi

Strauss

&

Co.,

Class A

(d)

559

10,286

Lululemon

Athletica,

Inc.

*

6,339

1,945,312

Movado

Group,

Inc.

683

24,151

NIKE,

Inc.,

Class B

68,483

8,719,940

Oxford

Industries,

Inc.

(d)

893

104,677

PLBY

Group,

Inc.

*

205

599

PVH

Corp.

3,852

346,295

Ralph

Lauren

Corp.

(d)

2,115

261,943

Rocky

Brands,

Inc.

205

6,453

Skechers

USA,

Inc.,

Class A

*

7,689

370,225

Steven

Madden

Ltd.

4,576

164,050

Superior

Group

of

Cos.,

Inc.

405

4,832

Tapestry,

Inc.

(d)

13,084

596,238

Under

Armour,

Inc.,

Class A

*

31,310

358,721

Unifi,

Inc.

*

614

5,250

Vera

Bradley,

Inc.

*

144

857

VF

Corp.

(d)

20,221

625,638

Wolverine

World

Wide,

Inc.

4,523

72,956

21,525,999

Thrifts

&

Mortgage

Finance

0.1%

Axos

Financial,

Inc.

*

4,148

199,602

Blue

Foundry

Bancorp

*

164

1,948

Bridgewater

Bancshares,

Inc.

*

1,002

15,591

Capitol

Federal

Financial,

Inc.

(d)

4,009

33,555

Columbia

Financial,

Inc.

*(d)

2,335

46,350

Enact

Holdings,

Inc.

(d)

192

4,829

Essent

Group

Ltd.

6,617

291,347

Federal

Agricultural

Mortgage

Corp.,

Class C

606

80,580

Finance

of

America

Cos.,

Inc.,

Class A

*(d)

4,182

7,360

Greene

County

Bancorp,

Inc.

22

1,077

Hingham

Institution

for

Savings

(d)

65

19,002

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Home

Bancorp,

Inc.

329

12,634

Kearny

Financial

Corp.

9,698

90,967

Luther

Burbank

Corp.

1,198

14,065

Merchants

Bancorp

521

14,989

MGIC

Investment

Corp.

15,801

223,110

Mr.

Cooper

Group,

Inc.

*(d)

4,170

191,778

New

York

Community

Bancorp,

Inc.

38,025

379,870

NMI

Holdings,

Inc.,

Class A

*(d)

5,762

133,851

Northfield

Bancorp,

Inc.

10,129

151,429

PennyMac

Financial

Services,

Inc.

(d)

1,607

108,344

Pioneer

Bancorp,

Inc.

*

404

4,545

Provident

Bancorp,

Inc.

349

3,148

Provident

Financial

Services,

Inc.

1,352

31,718

Radian

Group,

Inc.

26,649

588,943

Rocket

Cos.,

Inc.,

Class A

(d)

7,788

73,285

Southern

Missouri

Bancorp,

Inc.

(d)

351

16,995

Sterling

Bancorp,

Inc.

*

103

627

TFS

Financial

Corp.

5,305

75,596

TrustCo

Bank

Corp.

119

4,273

UWM

Holdings

Corp.

(d)

5,329

24,407

Velocity

Financial,

Inc.

*

125

1,261

Walker

&

Dunlop,

Inc.

(d)

1,675

159,762

Waterstone

Financial,

Inc.

3,932

63,305

WSFS

Financial

Corp.

1,421

68,649

3,138,792

Tobacco

0.3%

22nd

Century

Group,

Inc.

*(d)

8,825

9,707

Altria

Group,

Inc.

100,464

4,524,899

Philip

Morris

International,

Inc.

86,570

9,024,057

Turning

Point

Brands,

Inc.

396

9,191

Universal

Corp.

962

52,304

Vector

Group

Ltd.

9,895

128,140

13,748,298

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

5,801

260,871

Alta

Equipment

Group,

Inc.

689

11,679

Applied

Industrial

Technologies,

Inc.

2,108

301,887

Beacon

Roofing

Supply,

Inc.

*(d)

3,159

179,684

BlueLinx

Holdings,

Inc.

*(d)

325

28,216

Boise

Cascade

Co.

2,209

165,609

Core

&

Main,

Inc.,

Class A

*

2,796

61,708

Custom

Truck

One

Source,

Inc.

*(d)

824

5,834

Distribution

Solutions

Group,

Inc.

*

275

11,357

DXP

Enterprises,

Inc.

*

644

19,513

EVI

Industries,

Inc.

*

33

672

Fastenal

Co.

33,259

1,681,242

Ferguson

plc

8,793

1,251,596

GATX

Corp.

(d)

1,881

215,280

Global

Industrial

Co.

578

15,196

GMS,

Inc.

*

2,757

163,545

H&E

Equipment

Services,

Inc.

1,249

63,562

60

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Herc

Holdings,

Inc.

1,353

210,148

Hudson

Technologies,

Inc.

*

248

2,532

Karat

Packaging,

Inc.

37

556

McGrath

RentCorp

(d)

1,680

167,227

MRC

Global,

Inc.

*

3,218

43,765

MSC

Industrial

Direct

Co.,

Inc.,

Class A

2,859

236,439

NOW,

Inc.

*

9,397

131,934

Rush

Enterprises,

Inc.,

Class A

1,851

100,588

SiteOne

Landscape

Supply,

Inc.

*(d)

2,451

371,351

Textainer

Group

Holdings

Ltd.

2,376

80,546

Titan

Machinery,

Inc.

*

773

33,966

Transcat,

Inc.

*(d)

257

21,465

Triton

International

Ltd.

3,344

236,220

United

Rentals,

Inc.

*(d)

3,775

1,664,586

Univar

Solutions,

Inc.

*(d)

9,381

323,457

Veritiv

Corp.

856

107,034

Watsco,

Inc.

(d)

1,921

552,038

WESCO

International,

Inc.

*

2,434

362,690

WW

Grainger,

Inc.

2,487

1,466,037

10,550,030

Transportation

Infrastructure

0.0%

†

Atlas

Corp.

548

8,116

Water

Utilities

0.1%

American

States

Water

Co.

(d)

2,303

216,874

American

Water

Works

Co.,

Inc.

(d)

10,432

1,632,504

Artesian

Resources

Corp.,

Class A

(d)

303

17,847

California

Water

Service

Group

(d)

3,336

204,063

Essential

Utilities,

Inc.

13,176

615,714

Global

Water

Resources,

Inc.

434

6,176

Middlesex

Water

Co.

114

9,560

Pure

Cycle

Corp.

*

796

7,140

SJW

Group

(d)

1,445

111,857

York

Water

Co.

(The)

505

22,952

2,844,687

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.

*

1,489

24,970

KORE

Group

Holdings,

Inc.

*

262

655

Shenandoah

Telecommunications

Co.

(d)

3,698

72,296

SoftBank

Group

Corp.

40,300

1,920,841

Telephone

&

Data

Systems,

Inc.

(d)

3,700

49,469

T-Mobile

US,

Inc.

*

33,986

5,074,450

United

States

Cellular

Corp.

*(d)

600

14,676

7,157,357

Total

Common

Stocks

(cost

$2,113,166,959)

2,403,999,240

Corporate

Bonds

13.7%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0.3%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

2,460,000

2,370,899

4.88%,

5/1/2025

5,710,000

5,710,196

2.75%,

2/1/2026

1,210,000

1,140,802

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

6,910,000

6,683,838

Raytheon

Technologies

Corp.

,

3.15%,

12/15/2024

150,000

145,498

16,051,233

Automobiles

0.3%

Ford

Motor

Co.

,

3.25%,

2/12/2032

9,300,000

7,381,104

General

Motors

Co.

,

6.13%,

10/1/2025

1,950,000

1,999,734

Nissan

Motor

Acceptance

Co.

LLC

,

1.05%,

3/8/2024(a)

470,000

445,582

2.00%,

3/9/2026(a)

530,000

469,976

Nissan

Motor

Co.

Ltd.

,

3.04%,

9/15/2023(a)

4,960,000

4,881,133

15,177,529

Banks

3.4%

Banco

Santander

SA

,

2.75%,

5/28/2025

3,400,000

3,205,826

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.17%,

3/24/2028(e)

2,600,000

2,477,241

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

5.56%,

3/5/2024(e)

2,000,000

2,000,801

(ICE

LIBOR

USD

3

Month

+

0.94%),

3.86%,

7/23/2024(e)

2,570,000

2,554,591

(SOFR

+

1.11%),

3.84%,

4/25/2025(e)

170,000

166,949

(SOFR

+

1.15%),

1.32%,

6/19/2026(e)

6,070,000

5,559,612

(SOFR

+

0.96%),

1.73%,

7/22/2027(e)

4,360,000

3,906,616

Bank

of

Montreal

,

2.50%,

6/28/2024

2,920,000

2,820,489

1.85%,

5/1/2025(d)

6,270,000

5,883,766

Bank

of

Nova

Scotia

(The)

,

3.45%,

4/11/2025(d)

1,470,000

1,427,462

1.30%,

6/11/2025

3,410,000

3,148,706

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

5,550,000

5,316,302

(SOFR

+

2.07%),

2.22%,

6/9/2026(a)(e)

4,130,000

3,850,384

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

5.12%,

1/13/2029(a)(e)

2,860,000

2,883,850

Citigroup,

Inc.

,

(SOFR

+

1.67%),

1.68%,

5/15/2024(e)

1,500,000

1,485,184

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

61

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(SOFR

+

1.37%),

4.14%,

5/24/2025(e)

5,770,000

5,704,781

(SOFR

+

2.84%),

3.11%,

4/8/2026(e)

5,420,000

5,197,441

(SOFR

+

0.77%),

1.12%,

1/28/2027(e)

2,940,000

2,619,423

(SOFR

+

0.77%),

1.46%,

6/9/2027(e)

3,660,000

3,259,289

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.34%,

6/24/2026(a)(e)

3,340,000

3,039,679

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.22%),

3.65%,

4/6/2028(a)(d)(e)

4,980,000

4,722,070

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(e)

7,560,000

6,981,575

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

3/28/2025(a)(e)

4,380,000

4,273,368

DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.72%),

1.54%,

5/25/2027(a)(e)

5,040,000

4,456,503

HSBC

Holdings

plc

,

3.60%,

5/25/2023

5,380,000

5,357,652

(ICE

LIBOR

USD

3

Month

+

1.00%),

5.67%,

5/18/2024(d)(e)

4,420,000

4,424,318

(SOFR

+

0.71%),

0.98%,

5/24/2025(d)(e)

1,320,000

1,239,784

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.46%),

1.51%,

6/1/2024(e)

5,520,000

5,453,964

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

11,790,000

11,072,596

(SOFR

+

0.89%),

1.58%,

4/22/2027(e)

2,270,000

2,040,143

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

7/9/2025(e)

2,490,000

2,438,697

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.13%),

3.84%,

4/17/2026(d)(e)

650,000

632,148

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%),

4.08%,

4/19/2028(e)

370,000

356,367

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Nordea

Bank

Abp

,

0.63%,

5/24/2024(a)

4,150,000

3,924,776

Royal

Bank

of

Canada

,

3.38%,

4/14/2025

2,730,000

2,661,516

1.15%,

6/10/2025

2,100,000

1,937,038

1.15%,

7/14/2026

3,670,000

3,279,257

Santander

UK

Group

Holdings

plc

,

(SOFR

+

0.99%),

1.67%,

6/14/2027(e)

1,960,000

1,719,991

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.80%),

5.59%,

10/16/2023(e)

4,320,000

4,329,030

Swedbank

AB

,

3.36%,

4/4/2025(a)

4,030,000

3,883,742

Toronto-Dominion

Bank

(The)

,

0.75%,

6/12/2023

4,060,000

4,000,286

1.15%,

6/12/2025

360,000

331,187

1.20%,

6/3/2026(d)

3,930,000

3,505,840

Truist

Financial

Corp.

,

(SOFR

+

0.86%),

1.89%,

6/7/2029(e)

2,110,000

1,825,043

US

Bancorp

,

1.45%,

5/12/2025

4,580,000

4,285,154

Wells

Fargo

&

Co.

,

(SOFR

+

1.60%),

1.65%,

6/2/2024(e)

2,320,000

2,292,717

(SOFR

+

1.32%),

3.91%,

4/25/2026(d)(e)

4,200,000

4,103,274

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

5,030,000

4,731,986

Westpac

Banking

Corp.

,

1.15%,

6/3/2026

2,160,000

1,934,100

168,702,514

Beverages

0.1%

Constellation

Brands,

Inc.

,

3.60%,

5/9/2024

960,000

946,151

5.00%,

2/2/2026

1,310,000

1,311,287

PepsiCo,

Inc.

,

0.75%,

5/1/2023

740,000

732,579

2,990,017

Biotechnology

0.3%

AbbVie,

Inc.

,

2.60%,

11/21/2024

1,030,000

992,620

3.80%,

3/15/2025

2,250,000

2,206,801

2.95%,

11/21/2026

8,650,000

8,185,755

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

1,720,000

1,697,818

13,082,994

Building

Products

0.0%

†

Carrier

Global

Corp.

,

2.24%,

2/15/2025(d)

473,000

449,034

Capital

Markets

1.1%

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

3,610,000

3,378,777

62

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Charles

Schwab

Corp.

(The)

,

1.15%,

5/13/2026

3,120,000

2,804,546

Credit

Suisse

AG

,

3.63%,

9/9/2024

4,740,000

4,522,951

7.95%,

1/9/2025

760,000

778,510

2.95%,

4/9/2025

4,310,000

3,979,603

7.50%,

2/15/2028

1,420,000

1,489,971

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

2,510,000

2,436,515

3.75%,

5/22/2025

14,700,000

14,357,025

Morgan

Stanley

,

(SOFR

+

0.46%),

4.76%,

1/25/2024(e)

4,040,000

4,036,037

(SOFR

+

1.16%),

3.62%,

4/17/2025(e)

7,020,000

6,893,031

(SOFR

+

1.99%),

2.19%,

4/28/2026(e)

4,450,000

4,181,941

(SOFR

+

0.86%),

1.51%,

7/20/2027(e)

2,880,000

2,569,619

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

5/12/2026(a)(e)

1,010,000

994,985

52,423,511

Chemicals

0.2%

Equate

Petrochemical

BV

,

2.63%,

4/28/2028(a)

2,670,000

2,376,300

OCP

SA

,

Reg.

S,

4.50%,

10/22/2025(d)

3,840,000

3,734,339

Orbia

Advance

Corp.

SAB

de

CV

,

1.88%,

5/11/2026(a)

2,590,000

2,292,935

4.00%,

10/4/2027(a)

1,740,000

1,625,247

2.88%,

5/11/2031(a)

750,000

605,130

10,633,951

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

,

2.45%,

10/29/2026

3,240,000

2,914,708

American

Express

Co.

,

3.38%,

5/3/2024

2,220,000

2,181,791

3.95%,

8/1/2025

6,740,000

6,636,503

4.05%,

5/3/2029(d)

390,000

380,914

PACCAR

Financial

Corp.

,

1.10%,

5/11/2026

1,790,000

1,611,151

13,725,067

Diversified

Financial

Services

0.1%

NTT

Finance

Corp.

,

1.16%,

4/3/2026(a)

5,180,000

4,647,769

Shell

International

Finance

BV

,

(ICE

LIBOR

USD

3

Month

+

0.40%),

5.05%,

11/13/2023(d)(e)

1,210,000

1,212,470

2.88%,

5/10/2026

1,130,000

1,078,180

6,938,419

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

0.4%

CCO

Holdings

LLC

,

4.50%,

8/15/2030(a)

2,570,000

2,195,962

4.25%,

2/1/2031(a)

1,200,000

999,660

Verizon

Communications,

Inc.

,

2.63%,

8/15/2026

2,760,000

2,591,666

2.10%,

3/22/2028

5,780,000

5,154,641

2.36%,

3/15/2032

7,841,000

6,459,453

17,401,382

Electric

Utilities

0.4%

Comision

Federal

de

Electricidad

,

4.75%,

2/23/2027(a)

4,240,000

4,083,968

Duke

Energy

Carolinas

LLC

,

2.50%,

3/15/2023

2,150,000

2,144,840

Pacific

Gas

and

Electric

Co.

,

3.25%,

2/16/2024

4,070,000

3,994,880

Perusahaan

Listrik

Negara

PT

,

5.45%,

5/21/2028(a)

3,080,000

3,110,184

Southern

California

Edison

Co.

,

Series

E,

3.70%,

8/1/2025

5,500,000

5,356,338

18,690,210

Entertainment

0.1%

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025(a)

3,740,000

3,606,448

3.76%,

3/15/2027(a)

2,020,000

1,893,178

5,499,626

Food

Products

0.1%

Cargill,

Inc.

,

3.25%,

3/1/2023(a)(d)

1,520,000

1,518,558

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

1,520,000

1,420,807

2,939,365

Health

Care

Equipment

&

Supplies

0.0%

†

Becton

Dickinson

and

Co.

,

3.36%,

6/6/2024

794,000

778,124

3.73%,

12/15/2024

566,000

555,877

1,334,001

Health

Care

Providers

&

Services

0.7%

Cigna

Corp.

,

3.75%,

7/15/2023

12,000

11,934

(ICE

LIBOR

USD

3

Month

+

0.89%),

5.68%,

7/15/2023(d)(e)

8,250,000

8,270,453

3.25%,

4/15/2025

1,010,000

981,053

4.13%,

11/15/2025

8,580,000

8,482,892

CVS

Health

Corp.

,

3.88%,

7/20/2025

11,050,000

10,825,019

Elevance

Health,

Inc.

,

4.90%,

2/8/2026

4,260,000

4,263,904

Humana,

Inc.

,

4.50%,

4/1/2025

260,000

259,117

UnitedHealth

Group,

Inc.

,

3.50%,

6/15/2023

120,000

119,425

1.15%,

5/15/2026

890,000

805,690

3.70%,

5/15/2027(d)

2,800,000

2,753,321

36,772,808

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

0.2%

Las

Vegas

Sands

Corp.

,

2.90%,

6/25/2025

2,600,000

2,434,358

3.50%,

8/18/2026

1,815,000

1,691,010

McDonald's

Corp.

,

3.30%,

7/1/2025

3,390,000

3,299,414

1.45%,

9/1/2025

240,000

222,259

3.70%,

1/30/2026

4,270,000

4,201,141

11,848,182

Industrial

Conglomerates

0.2%

3M

Co.

,

(ICE

LIBOR

USD

3

Month

+

0.30%),

4.95%,

2/14/2024(e)

5,690,000

5,684,226

Honeywell

International,

Inc.

,

1.10%,

3/1/2027

1,850,000

1,642,361

7,326,587

Insurance

0.1%

American

International

Group,

Inc.

,

2.50%,

6/30/2025

134,000

127,519

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

150,000

137,173

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

4,980,000

4,910,983

4.15%,

8/26/2025(a)

580,000

572,616

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

300,000

274,639

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

830,000

761,450

6,784,380

Interactive

Media

&

Services

0.0%

†

Tencent

Holdings

Ltd.

,

3.84%,

4/22/2051(a)

1,020,000

780,589

Internet

&

Direct

Marketing

Retail

0.2%

Amazon.com,

Inc.

,

3.30%,

4/13/2027

980,000

947,754

1.20%,

6/3/2027

5,290,000

4,669,703

eBay,

Inc.

,

1.40%,

5/10/2026(d)

3,410,000

3,073,970

Prosus

NV

,

3.06%,

7/13/2031(a)

3,530,000

2,825,490

11,516,917

IT

Services

0.2%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(d)

1,970,000

1,754,991

PayPal

Holdings,

Inc.

,

1.65%,

6/1/2025

8,630,000

8,073,974

9,828,965

Media

0.7%

Charter

Communications

Operating

LLC

,

(ICE

LIBOR

USD

3

Month

+

1.65%),

6.09%,

2/1/2024(e)

9,830,000

9,902,892

4.91%,

7/23/2025

3,780,000

3,760,572

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Comcast

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.63%),

5.42%,

4/15/2024(d)(e)

7,620,000

7,638,323

3.95%,

10/15/2025

4,010,000

3,952,245

4.15%,

10/15/2028

820,000

812,576

CSC

Holdings

LLC

,

4.13%,

12/1/2030(a)

210,000

155,247

4.50%,

11/15/2031(a)

3,000,000

2,209,440

DISH

DBS

Corp.

,

5.25%,

12/1/2026(a)

150,000

129,281

5.75%,

12/1/2028(a)

2,130,000

1,742,729

Fox

Corp.

,

3.05%,

4/7/2025

5,600,000

5,395,835

3.50%,

4/8/2030(d)

430,000

393,670

36,092,810

Metals

&

Mining

0.2%

Freeport-McMoRan,

Inc.

,

4.55%,

11/14/2024

2,980,000

2,944,725

Glencore

Funding

LLC

,

4.13%,

5/30/2023(a)

440,000

438,546

4.13%,

3/12/2024(a)

2,970,000

2,935,018

Southern

Copper

Corp.

,

3.88%,

4/23/2025

3,270,000

3,183,378

Vale

Overseas

Ltd.

,

6.88%,

11/21/2036

380,000

416,133

9,917,800

Oil,

Gas

&

Consumable

Fuels

2.1%

Continental

Resources,

Inc.

,

4.50%,

4/15/2023

8,550,000

8,528,168

3.80%,

6/1/2024

2,840,000

2,783,522

2.27%,

11/15/2026(a)

820,000

728,840

Coterra

Energy,

Inc.

,

3.90%,

5/15/2027

1,640,000

1,574,083

Devon

Energy

Corp.

,

5.25%,

9/15/2024

1,680,000

1,680,083

5.85%,

12/15/2025

7,530,000

7,726,773

5.25%,

10/15/2027

2,480,000

2,498,744

Ecopetrol

SA

,

5.88%,

9/18/2023

1,420,000

1,419,709

5.38%,

6/26/2026

2,440,000

2,357,772

Energy

Transfer

LP

,

4.50%,

11/1/2023

1,160,000

1,154,059

4.50%,

4/15/2024

1,090,000

1,080,986

2.90%,

5/15/2025

6,120,000

5,838,627

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

1,570,000

1,552,938

3.75%,

2/15/2025

1,930,000

1,898,907

3.70%,

2/15/2026

180,000

175,982

4.15%,

10/16/2028

2,520,000

2,460,747

EQM

Midstream

Partners

LP

,

6.50%,

7/1/2027(a)

3,000,000

2,946,030

EQT

Corp.

,

6.13%,

2/1/2025(c)

3,300,000

3,332,406

3.13%,

5/15/2026(a)

955,000

893,040

3.90%,

10/1/2027

3,230,000

3,064,236

5.00%,

1/15/2029

70,000

67,856

64

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

KazMunayGas

National

Co.

JSC

,

4.75%,

4/24/2025(a)

870,000

852,637

Kinder

Morgan

Energy

Partners

LP

,

4.30%,

5/1/2024

5,320,000

5,281,012

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025(d)

2,190,000

2,166,391

Lukoil

Capital

DAC

,

2.80%,

4/26/2027(a)

2,600,000

1,873,625

Lukoil

International

Finance

BV

,

4.75%,

11/2/2026(a)

1,860,000

1,422,900

MPLX

LP

,

4.00%,

2/15/2025

250,000

244,480

4.88%,

6/1/2025

2,890,000

2,882,443

1.75%,

3/1/2026(d)

2,550,000

2,322,269

Occidental

Petroleum

Corp.

,

3.20%,

8/15/2026

2,763,000

2,559,765

3.00%,

2/15/2027

264,000

242,689

Petrobras

Global

Finance

BV

,

5.30%,

1/27/2025

270,000

269,149

5.75%,

2/1/2029

1,100,000

1,083,610

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

3,560,000

2,714,500

Pioneer

Natural

Resources

Co.

,

0.55%,

5/15/2023

2,440,000

2,410,012

1.13%,

1/15/2026(d)

8,520,000

7,706,718

Sinopec

Group

Overseas

Development

2014

Ltd.

,

4.38%,

4/10/2024(a)

3,290,000

3,272,778

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

7.85%,

2/1/2026

4,710,000

5,085,434

Western

Midstream

Operating

LP

,

3.95%,

6/1/2025

1,240,000

1,184,200

Williams

Cos.,

Inc.

(The)

,

4.30%,

3/4/2024

1,840,000

1,823,259

4.55%,

6/24/2024

2,110,000

2,105,937

101,267,316

Paper

&

Forest

Products

0.1%

Suzano

Austria

GmbH

,

5.75%,

7/14/2026(a)

3,480,000

3,508,073

Personal

Products

0.0%

†

GSK

Consumer

Healthcare

Capital

UK

plc

,

3.13%,

3/24/2025

2,070,000

1,991,082

Pharmaceuticals

0.4%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026

2,930,000

2,646,768

AstraZeneca

plc

,

(ICE

LIBOR

USD

3

Month

+

0.67%),

5.31%,

8/17/2023(e)

3,976,000

3,981,930

Merck

&

Co.,

Inc.

,

1.45%,

6/24/2030

260,000

215,453

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Pfizer,

Inc.

,

0.80%,

5/28/2025

4,270,000

3,943,194

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

4,570,000

4,509,036

3.15%,

10/1/2026

650,000

583,167

4.75%,

5/9/2027

2,500,000

2,321,875

5.13%,

5/9/2029

300,000

276,656

18,478,079

Road

&

Rail

0.1%

Canadian

Pacific

Railway

Co.

,

1.75%,

12/2/2026(d)

5,450,000

4,933,438

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom,

Inc.

,

3.15%,

11/15/2025

3,590,000

3,432,071

3.14%,

11/15/2035(a)

3,440,000

2,670,665

Intel

Corp.

,

1.60%,

8/12/2028

4,500,000

3,918,478

Microchip

Technology,

Inc.

,

0.98%,

9/1/2024

2,100,000

1,966,649

NXP

BV

,

2.70%,

5/1/2025

7,010,000

6,667,787

Texas

Instruments,

Inc.

,

1.75%,

5/4/2030

1,020,000

867,331

TSMC

Arizona

Corp.

,

1.75%,

10/25/2026

2,540,000

2,299,288

21,822,269

Software

0.1%

Oracle

Corp.

,

2.50%,

4/1/2025

2,970,000

2,831,764

Workday,

Inc.

,

3.50%,

4/1/2027(d)

3,190,000

3,052,969

5,884,733

Specialty

Retail

0.1%

Home

Depot,

Inc.

(The)

,

2.50%,

4/15/2027

20,000

18,714

2.88%,

4/15/2027

800,000

759,173

Lowe's

Cos.,

Inc.

,

2.50%,

4/15/2026

1,280,000

1,206,553

1.70%,

9/15/2028

2,820,000

2,430,850

4,415,290

Thrifts

&

Mortgage

Finance

0.1%

Nationwide

Building

Society

,

0.55%,

1/22/2024(a)

5,010,000

4,790,290

Tobacco

0.3%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

3,430,000

3,257,494

4.40%,

2/14/2026

436,000

434,174

2.63%,

9/16/2026

4,270,000

3,977,113

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

4,510,000

4,070,594

Philip

Morris

International,

Inc.

,

1.13%,

5/1/2023

2,420,000

2,396,865

1.50%,

5/1/2025(d)

260,000

243,264

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Philip

Morris

International,

Inc.,

0.88%,

5/1/2026

2,570,000

2,291,547

16,671,051

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

0.70%,

2/15/2024

3,750,000

3,576,799

3.38%,

7/1/2025

260,000

248,597

1.88%,

8/15/2026

1,480,000

1,318,953

5.30%,

2/1/2028

780,000

778,708

5,923,057

Transportation

Infrastructure

0.1%

DP

World

Crescent

Ltd.

,

4.85%,

9/26/2028(a)

3,850,000

3,891,303

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

5,690,000

5,525,243

3.50%,

4/15/2031

2,570,000

2,299,764

7,825,007

Total

Corporate

Bonds

(cost

$723,495,917)

678,308,879

Exchange

Traded

Funds

2.3%

Shares

Debt

Funds

0.6%

iShares

iBoxx

High

Yield

Corporate

Bond

ETF(d)

24,081

1,838,103

Vanguard

Intermediate-Term

Corporate

Bond

ETF

284,775

23,006,972

Vanguard

Intermediate-Term

Treasury

ETF

65,885

3,944,535

Vanguard

Long-Term

Treasury

ETF(d)

15,474

1,021,593

29,811,203

Equity

Funds

1.7%

Invesco

QQQ

Trust(d)

21,256

6,262,443

iShares

Core

S&P

500

ETF

34,044

13,900,506

iShares

Russell

1000

ETF(d)

104,367

23,430,392

Materials

Select

Sector

SPDR

Fund

14,950

1,265,517

Vanguard

High

Dividend

Yield

ETF(d)

77,585

8,594,090

Vanguard

Russell

1000(d)

126,086

23,426,779

Vanguard

Small-Cap

ETF(d)

37,167

7,514,424

84,394,151

Total

Exchange

Traded

Funds

(cost

$116,122,632)

114,205,354

Foreign

Government

Securities

0.5%

Principal

Amount

($)

ARGENTINA

0.0%

†

Argentine

Republic,

1.00%,

7/9/2029

103,130

35,134

0.50%,

7/9/2030(c)

2,368,200

844,336

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Provincia

de

Buenos

Aires,

5.25%,

9/1/2037(a)(c)

891,247

352,232

1,231,702

COLOMBIA

0.0%

†

Republic

of

Colombia,

3.25%,

4/22/2032(d)

2,260,000

1,662,667

MEXICO

0.2%

Mex

Bonos

Desarr

Fix

Rt,

5.75%,

3/5/2026

MXN

38,220,000

1,838,144

8.00%,

11/7/2047

53,130,000

2,599,351

United

Mexican

States,

3.50%,

2/12/2034

7,940,000

6,672,471

11,109,966

PANAMA

0.1%

Republic

of

Panama,

3.88%,

3/17/2028

4,040,000

3,852,866

RUSSIA

0.0%

†

Russian

Federation,

6.90%,

5/23/2029^(f)

RUB

334,155,000

713,892

7.65%,

4/10/2030^(f)

144,850,000

309,459

7.25%,

5/10/2034^(f)

2,250,000

4,807

1,028,158

SENEGAL

0.1%

Republic

of

Senegal,

Reg.

S,

6.25%,

7/30/2024(d)

1,100,000

1,079,243

6.25%,

5/23/2033(a)

740,000

638,176

1,717,419

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

1/23/2031

1,180,000

1,176,515

5.75%,

10/28/2034

4,290,000

4,745,543

5,922,058

Total

Foreign

Government

Securities

(cost

$34,376,862)

26,524,836

Mortgage-Backed

Securities

2.5%

FHLMC

UMBS

Pool

Pool#

RA3913

2.50%,

11/1/2050

228,675

204,964

Pool#

RA4349

2.50%,

1/1/2051

483,863

428,871

Pool#

SD7534

2.50%,

2/1/2051

4,491,395

4,040,744

Pool#

RA4532

2.50%,

2/1/2051

455,100

402,310

Pool#

SD8129

2.50%,

2/1/2051

272,481

240,792

Pool#

RA5921

2.50%,

9/1/2051

260,258

228,287

Pool#

QC7411

2.50%,

9/1/2051

90,889

80,952

Pool#

QD1954

3.00%,

11/1/2051

189,127

172,076

66

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QD2260

3.00%,

12/1/2051

91,173

83,067

FNMA

Pool

Pool#

AN4927

3.45%,

3/1/2029

19,129

18,544

Pool#

AN5386

3.25%,

5/1/2029

19,484

18,673

Pool#

AM8700

2.93%,

6/1/2030

19,013

17,806

Pool#

BM6898

2.15%,

2/1/2032(b)

59,769

51,401

Pool#

BL5547

2.68%,

1/1/2035

300,000

258,261

Pool#

BM6224

2.79%,

1/1/2035(b)

729,387

651,858

Pool#

BL5767

2.68%,

2/1/2035

200,000

171,800

Pool#

BF0301

4.50%,

8/1/2058

317,245

315,646

Pool#

BF0546

2.50%,

7/1/2061

13,908,837

11,933,217

FNMA

UMBS

Pool

Pool#

FS1248

3.00%,

2/1/2047

1,156,548

1,087,782

Pool#

BK2620

2.50%,

6/1/2050

66,578

58,916

Pool#

CA7257

2.50%,

10/1/2050

158,071

141,142

Pool#

FM5313

2.50%,

10/1/2050

85,167

75,610

Pool#

CA8955

2.50%,

2/1/2051

438,517

388,699

Pool#

FS1631

2.50%,

2/1/2051

281,433

248,635

Pool#

FS1111

2.50%,

5/1/2051

367,970

324,817

Pool#

FM9195

2.50%,

10/1/2051

362,166

317,609

Pool#

BU3608

3.00%,

11/1/2051

163,119

148,413

Pool#

FS1107

2.50%,

12/1/2051

270,171

239,385

Pool#

CB2442

3.50%,

12/1/2051

695,300

657,005

Pool#

FS0439

2.50%,

1/1/2052

369,845

326,422

Pool#

FS0551

2.50%,

2/1/2052

93,502

83,145

Pool#

FS0736

2.50%,

3/1/2052

92,739

82,038

Pool#

BV5395

3.50%,

4/1/2052

1,023,012

970,831

Pool#

CB3833

3.00%,

6/1/2052

676,224

616,333

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

5.50%,

3/25/2053

2,300,000

2,335,218

6.00%,

3/25/2053

900,000

923,133

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

2/25/2053

20,800,000

17,481,750

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

2/25/2053

15,700,000

13,745,316

3.00%,

2/25/2053

11,100,000

10,081,922

3.50%,

2/25/2053

6,500,000

6,095,391

4.00%,

2/25/2053

8,000,000

7,725,000

4.50%,

2/25/2053

5,200,000

5,135,000

5.00%,

2/25/2053

3,700,000

3,713,586

GNMA

I

Pool

Pool#

783669

,

3.00%,

9/15/2042

52,521

49,703

GNMA

II

Pool

Pool#

784106

3.50%,

1/20/2046

83,173

79,953

Pool#

784985

3.50%,

9/20/2048

51,767

49,593

Pool#

BS1728

4.00%,

1/20/2050

42,967

42,904

Pool#

BM7534

3.50%,

2/20/2050

61,044

57,723

Pool#

BS1742

4.00%,

2/20/2050

34,328

34,199

Pool#

BS1757

4.00%,

3/20/2050

30,060

30,016

Pool#

BS8420

4.00%,

4/20/2050

140,227

140,020

Pool#

785221

2.00%,

12/20/2050

241,796

207,891

Pool#

785218

2.00%,

12/20/2050

237,090

203,428

Pool#

785219

2.00%,

12/20/2050

234,015

200,182

Pool#

785220

2.00%,

12/20/2050

165,933

142,753

Pool#

BT1888

2.50%,

12/20/2050

248,196

221,233

Pool#

BS8546

2.50%,

12/20/2050

149,833

130,928

Pool#

CD8312

2.50%,

5/20/2051

160,134

140,338

Pool#

MA7590

3.00%,

9/20/2051

584,370

539,196

Pool#

786082

3.00%,

11/20/2051

94,326

87,019

Pool#

BZ4383

3.00%,

1/20/2052

136,182

128,621

Pool#

785944

3.00%,

2/20/2052

473,356

436,252

Pool#

786107

3.00%,

3/20/2052

94,201

86,874

Pool#

786077

3.00%,

3/20/2052

92,646

85,219

GNMA

TBA

2.50%,

2/15/2053

7,400,000

6,595,465

3.00%,

2/15/2053

6,900,000

6,338,297

3.50%,

2/15/2053

5,900,000

5,578,142

4.00%,

2/15/2053

3,700,000

3,591,891

4.50%,

2/15/2053

3,300,000

3,276,281

5.00%,

2/15/2053

1,800,000

1,812,234

5.50%,

2/15/2053

100,000

101,617

Total

Mortgage-Backed

Securities

(cost

$122,301,420)

122,710,339

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Purchased

Options

0.0%

†

Number

of

Contracts

Value

($)

Call

Options

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

Eurodollar

3/13/2023

at

USD

97.75,

American

Style,

Notional

Amount:

USD

50,000,000

Exchange

Traded*

200

1,250

3

Month

Eurodollar

9/18/2023

at

USD

95.88,

American

Style,

Notional

Amount:

USD

9,250,000

Exchange

Traded*

37

4,394

3

Month

Eurodollar

6/17/2024

at

USD

97.50,

American

Style,

Notional

Amount:

USD

32,000,000

Exchange

Traded*

128

47,200

3

Month

Eurodollar

3/18/2024

at

USD

97.50,

American

Style,

Notional

Amount:

USD

36,250,000

Exchange

Traded*

145

24,469

3

Month

Eurodollar

12/18/2023

at

USD

97.25,

American

Style,

Notional

Amount:

USD

14,000,000

Exchange

Traded*

56

4,550

3

Month

Eurodollar

6/20/2023

at

USD

95.88,

American

Style,

Notional

Amount:

USD

9,750,000

Exchange

Traded*

39

1,219

3

Month

Eurodollar

3/13/2023

at

USD

95.88,

American

Style,

Notional

Amount:

USD

6,250,000

Exchange

Traded*

25

156

3

Month

Eurodollar

9/16/2024

at

USD

95.13,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

46,125

3

Month

Eurodollar

6/17/2024

at

USD

95.13,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

37,200

3

Month

Eurodollar

3/18/2024

at

USD

95.13,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

24,900

3

Month

Eurodollar

12/18/2023

at

USD

95.00,

American

Style,

Notional

Amount:

USD

2,250,000

Exchange

Traded*

9

11,250

3

Month

Eurodollar

9/18/2023

at

USD

95.00,

American

Style,

Notional

Amount:

USD

2,000,000

Exchange

Traded*

8

4,350

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

3

Month

Eurodollar

6/17/2024

at

USD

94.88,

American

Style,

Notional

Amount:

USD

7,250,000

Exchange

Traded*

29

104,944

3

Month

Eurodollar

3/17/2025

at

USD

97.00,

American

Style,

Notional

Amount:

USD

31,250,000

Exchange

Traded*

125

175,781

3

Month

Eurodollar

12/16/2024

at

USD

97.00,

American

Style,

Notional

Amount:

USD

34,750,000

Exchange

Traded*

139

170,275

3

Month

Eurodollar

9/16/2024

at

USD

97.00,

American

Style,

Notional

Amount:

USD

20,500,000

Exchange

Traded*

82

78,925

3

Month

Eurodollar

9/16/2024

at

USD

95.00,

American

Style,

Notional

Amount:

USD

6,500,000

Exchange

Traded*

26

106,762

3

Month

Eurodollar

6/17/2024

at

USD

97.00,

American

Style,

Notional

Amount:

USD

13,750,000

Exchange

Traded*

55

34,031

3

Month

Eurodollar

3/18/2024

at

USD

94.75,

American

Style,

Notional

Amount:

USD

13,000,000

Exchange

Traded*

52

145,600

3

Month

Eurodollar

12/18/2023

at

USD

94.75,

American

Style,

Notional

Amount:

USD

12,750,000

Exchange

Traded*

51

85,425

0

1,108,806

Total

Purchased

Options

(cost

$2,521,655)

1,108,806

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*∞

5,788

2,662

Akouos,

Inc.,

CVR*∞(d)

134

0

CONTRA

ADURO

BIOTECH

I,

CVR*^∞

429

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

31

32

Progenics

Pharmaceuticals,

Inc.,

CVR*^∞

3,700

0

Radius

Health,

Inc.,

CVR*∞

294

24

68

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Rights

Number

of

Rights

Value

($)

Biotechnology

2,718

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*∞

2,271

0

IT

Services

0.0%

†

Flexion,

Inc.,

CVR*^∞

1,208

0

Pharmaceuticals

0.0%

†

Dova

Pharmaceuticals,

Inc.,

CVR*^∞

375

0

Zogenix,

Inc.,

CVR*^∞

4,060

0

0

Total

Rights

(cost

$15,837)

2,718

U.S.

Government

Agency

Security

0.1%

Principal

Amount

($)

FFCB,

3.38%,

8/26/2024

1,860,000

1,827,965

Total

U.S.

Government

Agency

Security

(cost

$1,857,547)

1,827,965

U.S.

Treasury

Obligations

5.6%

U.S.

Treasury

Bonds

1.13%,

8/15/2040

3,850,000

2,554,535

1.38%,

11/15/2040

4,960,000

3,432,281

1.88%,

2/15/2041

520,000

390,873

2.25%,

5/15/2041

980,000

781,703

4.00%,

11/15/2042

(d)

26,260,000

27,138,069

3.63%,

8/15/2043

230,000

225,068

3.13%,

8/15/2044

470,000

423,496

2.88%,

8/15/2045

570,000

490,757

3.38%,

11/15/2048

580,000

547,805

2.00%,

2/15/2050

5,500,000

3,927,988

1.25%,

5/15/2050

10,560,000

6,205,237

1.38%,

8/15/2050

12,010,000

7,281,532

1.63%,

11/15/2050

6,820,500

4,411,478

2.00%,

8/15/2051

450,000

319,060

1.88%,

11/15/2051

38,366,700

26,335,143

2.25%,

2/15/2052

30,811,000

23,149,171

2.88%,

5/15/2052

15,370,000

13,244,617

3.00%,

8/15/2052

(d)

4,660,000

4,123,372

4.00%,

11/15/2052

530,000

566,769

U.S.

Treasury

Inflation

Linked

Notes,

1.13%,

1/15/2033

(g)

8,770,000

8,661,547

U.S.

Treasury

Notes

0.25%,

7/31/2025

140,000

127,706

2.75%,

4/30/2027

3,270,000

3,149,930

1.25%,

3/31/2028

130,000

115,619

1.00%,

7/31/2028

230,000

200,288

1.50%,

11/30/2028

290,000

258,134

2.75%,

5/31/2029

28,459,400

27,109,802

3.25%,

6/30/2029

14,260,000

13,981,484

2.63%,

7/31/2029

7,330,000

6,926,564

4.00%,

10/31/2029

80,300,000

82,301,227

2.75%,

8/15/2032

11,050,000

10,397,359

Total

U.S.

Treasury

Obligations

(cost

$311,314,391)

278,778,614

Preferred

Stock

0.0%

†

Shares

Value

($)

Entertainment

0.0%

†

AMC

Entertainment

Holdings,

Inc.

(Preference),

0.00%,

*(h)

33,987

82,249

Total

Preferred

Stock

(cost

$76,892)

82,249

Short-Term

Investments

9.6%

Principal

Amount

($)

Commercial

Paper

6.5%

American

Electric

Power

Co.,

Inc.,

4.88%,

3/8/2023

33,050,000

32,891,690

American

Honda

Finance

Corp.,

4.74%,

2/3/2023

20,400,000

20,392,110

Brookfield

Infrastructure

Holdings

Canada,

Inc.,

5.32%,

4/13/2023

22,250,000

22,029,636

Canadian

Tire

Corp.

Ltd.,

4.88%,

3/7/2023

15,020,000

14,946,372

Centennial

Energy

Holdings,

Inc.,

5.68%,

2/13/2023

8,850,000

8,834,896

Constellation

Energy

Generation

LLC,

4.97%,

2/1/2023

33,900,000

33,895,356

Crown

Castle,

Inc.,

5.17%,

2/8/2023(a)

14,950,000

14,933,386

Electricite

de

France

SA,

4.98%,

2/7/2023

4,550,000

4,545,851

Enel

Finance

America

LLC,

5.30%,

3/30/2023

6,350,000

6,295,400

Fidelity

National

Information

Services,

Inc.,

4.88%,

3/3/2023(a)

31,550,000

31,421,386

Harley-Davidson

Financial

Services,

Inc.,

5.17%,

2/22/2023(a)

18,750,000

18,688,875

Jabil,

Inc.,

5.24%,

2/3/2023(a)

38,300,000

38,283,751

Parker-Hannifin

Corp.,

4.91%,

4/24/2023

13,130,000

12,979,412

Walgreens

Boots

Alliance,

Inc.

5.07%,

2/13/2023(a)

14,000,000

13,975,718

4.93%,

2/14/2023

16,250,000

16,219,654

5.17%,

4/13/2023

7,750,000

7,672,779

WGL

Holdings,

Inc.

5.27%,

2/14/2023

2,250,000

2,245,991

5.27%,

2/15/2023

12,250,000

12,222,107

5.24%,

2/17/2023

6,900,000

6,885,054

319,359,424

U.S.

Government

Agency

Securities

1.6%

FHLB

4.15%,

2/3/2023

4,240,000

4,238,919

4.26%,

2/15/2023

8,070,000

8,055,928

4.39%,

2/28/2023

9,480,000

9,448,146

4.40%,

3/8/2023

14,540,000

14,475,448

4.58%,

4/14/2023

6,820,000

6,756,504

FHLMC,

4.05%,

2/1/2023(i)

36,400,000

36,400,000

Total

U.S.

Government

Agency

Securities

(cost

$79,381,803)

79,374,945

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

69

Short-Term

Investments

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligations

0.4%

U.S.

Treasury

Bills

4.50%,

4/25/2023

2,310,000

2,286,029

4.59%,

5/11/2023

9,730,000

9,608,187

4.63%,

5/25/2023

9,580,000

9,442,953

Total

U.S.

Treasury

Obligations

(cost

$21,340,336)

21,337,169

Foreign

Government

Treasury

Obligation

1.1%

Japan

Treasury

Bills,

(0.16)%,

2/27/2023(i)

7,110,500,000

54,631,676

Total

Short-Term

Investments

(cost

$470,459,418)

474,703,214

Repurchase

Agreements

1.2%

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$48,543,730,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$49,514,605.

(j)

48,537,959

48,537,959

Goldman

Sachs

&

Co.

4.22%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$10,501,231,

collateralized

by

U.S.

Government

Treasury

Securities,

0.88%,

maturing

9/30/2026;

total

market

value

$11,865,000.

10,500,000

10,500,000

Total

Repurchase

Agreements

(cost

$59,037,959)

59,037,959

Total

Investments

(cost

$4,421,694,076)

—

92.9%

4,603,860,287

Other

assets

in

excess

of

liabilities

—

7.1%

352,784,400

NET

ASSETS

—

100.0%

$

4,956,644,687

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$622,001,146

which

represents

12.55%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$252,056,359,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$48,537,936

and

by

$206,360,455

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$254,898,414.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(f)

Security

in

default.

(g)

Principal

amounts

are

not

adjusted

for

inflation.

(h)

The

date

shown

reflects

the

next

call

date

on

which

the

issuer

may

redeem

the

security

at

par

value.

The

coupon

rate

for

this

security

is

based

on

par

value

and

is

currently

in

effect

as

of

January

31,

2023.

(i)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$48,537,959.

70

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

V1

CDO

Collateralized

Debt

Obligations

CLO

Collateralized

Loan

Obligations

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GP

General

Partnership

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

CHF

Switzerland

Franc

JPY

Japanese

Yen

NOK

Norwegian

Krone

RUB

Russia

Ruble

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

January

31,

2023

1

:

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

39-V1

5.00

Quarterly

12/20/2027

4.32

USD

27,365,000

(624,363)

1,512,033

887,670

Markit

CDX

North

American

Investment

Grade

Index

Series

39-V1

1.00

Quarterly

12/20/2027

0.72

USD

113,524,000

(91,317)

1,631,506

1,540,189

Total

unrealized

depreciation

(715,680)

3,143,539

2,427,859

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

71

1

The

Fund,

as

a

seller

of

credit

protection,

receives

periodic

payments

and

any

upfront

premium

from

the

protection

buyer,

and

the

Fund

is

obligated

to

make

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

January

31,

2023

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SOFR

annually

1.13%

annually

Pay

8/15/2028

USD

13,132,000

26,522

1,590,673

1,617,195

1

Day

SOFR

annually

1.22%

annually

Pay

8/15/2028

USD

9,683,000

(3,681)

1,148,573

1,144,892

1

Day

SOFR

annually

2.00%

annually

Pay

3/18/2032

USD

8,266,000

61,133

756,797

817,930

1

Day

SOFR

annually

2.48%

annually

Pay

8/10/2033

USD

10,045,000

–

532,792

532,792

1

Day

SOFR

annually

2.51%

annually

Pay

2/15/2048

USD

10,908,000

195,620

947,341

1,142,961

1

Day

SOFR

annually

2.60%

annually

Pay

10/14/2027

USD

16,593,000

273,951

403,324

677,275

1

Day

SOFR

annually

2.60%

annually

Pay

2/15/2048

USD

23,055,000

1,579,055

412,679

1,991,734

1

Day

SOFR

annually

2.65%

annually

Pay

8/15/2047

USD

32,637,000

329,003

2,307,863

2,636,866

1

Day

SOFR

annually

2.85%

annually

Pay

2/15/2029

USD

56,331,000

(91,375)

1,669,086

1,577,711

1

Day

SOFR

annually

3.25%

annually

Pay

9/30/2029

USD

24,528,000

10,811

4,295

15,106

1

Day

SOFR

annually

3.27%

annually

Pay

4/30/2029

USD

18,317,000

(557,645)

648,837

91,192

Total

unrealized

appreciation

1,823,394

10,422,260

12,245,654

1

Day

SOFR

annually

2.73%

annually

Pay

8/10/2025

USD

45,730,000

–

(856,921)

(856,921)

1

Day

SOFR

annually

2.77%

annually

Pay

10/14/2024

USD

40,009,000

(228,954)

(995,419)

(1,224,373)

1

Day

SOFR

annually

3.85%

annually

Pay

6/30/2029

USD

23,342,000

28,850

(733,225)

(704,375)

Total

unrealized

depreciation

(200,104)

(2,585,565)

(2,785,669)

Net

unrealized

appreciation

1,623,290

7,836,695

9,459,985

–

–

–

Abbreviation

:

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

72

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

OTC

Total

return

swap

contracts

outstanding

as

of

January

31,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)

*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Activision

Blizzard,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

449,373

—

11,440

11,440

Altra

Industrial

Motion

Corp.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

12/20/2027

USD

386,628

—

5,594

5,594

Altra

Industrial

Motion

Corp.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

3/18/2032

USD

476,191

—

6,890

6,890

Coupons,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

6/30/2029

USD

584,222

—

2,719

2,719

First

Horizon

Corp.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

693,167

—

5,181

5,181

First

Horizon

Corp.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/15/2029

USD

756,771

—

5,644

5,644

Maxar

Technologies,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

388,481

—

2,855

2,855

Meridian

Bioscience,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

530,201

—

3,928

3,928

Meridian

Bioscience,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

12/20/2027

USD

621,582

—

4,605

4,605

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

73

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Meridian

Bioscience,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

8/15/2028

USD

458,754

—

3,399

3,399

Meridian

Bioscience,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

6/30/2029

USD

584,254

—

4,345

4,345

Russell

1000

Index

1

Day

USD

Federal

Funds

+

0.23%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/15/2028

USD

33,490,173

—

814,400

814,400

Russell

1000

Index

1

Day

USD

Federal

Funds

+

0.21%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/15/2048

USD

421,748,929

—

25,201,483

25,201,483

Russell

3000

Index

1

Day

USD

SOFR

+

0.28%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

2/27/2023

USD

116,738,053

—

5,910,117

5,910,117

Russell

3000

Index

1

Day

USD

SOFR

+

0.18%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Goldman

Sachs

4/19/2023

USD

370,657,868

—

17,428,276

17,428,276

Russell

3000

Index

1

Day

USD

SOFR

+

0.29%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

8/10/2023

USD

332,293,289

—

16,820,294

16,820,294

Russell

3000

Index

1

Day

USD

SOFR

+

0.35%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

12/6/2023

USD

394,095,045

—

19,936,556

19,936,556

Russell

3000

Index

1

Day

USD

SOFR

+

0.30%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/8/2033

USD

106,534,041

—

1,576,508

1,576,508

74

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Russell

3000

Index

1

Day

USD

SOFR

+

0.27%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

2/15/2048

USD

712,417,629

—

36,071,655

36,071,655

South

Jersey

Industries,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,009,340

—

8,940

8,940

South

Jersey

Industries,

Inc.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/14/2027

USD

385,133

—

3,405

3,405

TEGNA,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

1,096,729

—

2,219

2,219

TEGNA,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

11/8/2052

USD

1,007,453

—

2,931

2,931

Total

unrealized

appreciation

—

123,833,384

123,833,384

1Life

Healthcare,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

7/28/2047

USD

589,170

—

(4,135)

(4,135)

Aerojet

Rocketdyne

Holdings,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

7/28/2032

USD

591,192

—

(3,675)

(3,675)

ForgeRock,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

12/20/2027

USD

365,399

—

(5,091)

(5,091)

ForgeRock,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

12/20/2027

USD

437,191

—

(6,092)

(6,092)

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

75

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Horizon

Therapeutics

Plc

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

583,142

—

(18,813)

(18,813)

iRobot

Corp.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/19/2023

USD

583,065

—

(7,543)

(7,543)

LHC

Group,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/4/2023

USD

748,247

—

(18,542)

(18,542)

LHC

Group,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

11/10/2023

USD

378,508

—

(9,379)

(9,379)

LHC

Group,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

7/28/2037

USD

392,389

—

(12,262)

(12,262)

MoneyGram

International,

Inc.

1

Day

USD

SOFR

+

0.25%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/19/2023

USD

1,567,741

—

(23,915)

(23,915)

MoneyGram

International,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

12/20/2027

USD

379,426

—

(5,782)

(5,782)

Russell

1000

Index

Decreases

in

total

return

of

reference

entity

1

Day

USD

Federal

Funds

+

0.21%

and

increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2023

USD

14,459,097

—

(986,632)

(986,632)

Russell

1000

Index

Decreases

in

total

return

of

reference

entity

1

Day

USD

Federal

Funds

+

0.27%

and

increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/6/2033

USD

3,049,414

—

(46,496)

(46,496)

76

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

S&P

Global,

Inc.

Decreases

in

total

return

of

reference

entity

1

Day

USD

SOFR

+

0.30%

and

increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/8/2025

USD

106,312,767

—

(1,445,869)

(1,445,869)

Signify

Health,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/30/2029

USD

869,032

—

(13,350)

(13,350)

Tower

Semiconductor

Ltd.

1

Day

USD

SOFR

+

0.23%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/14/2024

USD

596,178

—

(30,072)

(30,072)

Vmware,

Inc.

1

Day

USD

SOFR

+

0.20%

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

8/15/2047

USD

841,865

—

(18,171)

(18,171)

Total

unrealized

depreciation

—

(2,655,819)

(2,655,819)

Net

unrealized

appreciation

—

121,177,565

121,177,565

*

There

are

no

upfront

payments

(receipts)

on

the

swap

contracts

listed

above.

As

of

January

31,

2023,

the

Fund

had

$24,152,800

segregated

as

collateral

for

swap

contracts.

Abbreviation

:

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

JPY

3,500,000,000

USD

26,432,526

Nomura

Securities

3/15/2023

301,736

CAD

6,019,293

USD

4,506,977

JPMorgan

Chase

Bank

4/18/2023

19,670

JPY

1,042,809,809

USD

7,973,466

Goldman

Sachs

Bank

USA

4/18/2023

121,411

Total

unrealized

appreciation

442,817

USD

101,838,259

JPY

14,221,000,000

JPMorgan

Chase

Bank

2/27/2023

(3,881,579)

USD

277,314,857

JPY

37,368,000,000

CITIBANK

N

A

3/15/2023

(5,668,455)

USD

623,483

EUR

576,000

Goldman

Sachs

Bank

USA

4/18/2023

(5,628)

Total

unrealized

depreciation

(9,555,662)

Net

unrealized

depreciation

(9,112,845)

Currency:

CAD

Canadian

dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

77

EUR

Euro

JPY

Japanese

yen

USD

United

States

dollar

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

3

Month

Eurodollar

163

3/2023

USD

38,718,613

(23,322)

EURO

STOXX

50

Index

72

3/2023

EUR

3,264,842

6,333

Euro-Bobl

62

3/2023

EUR

7,906,407

(143,632)

NASDAQ

100

E-Mini

Index

77

3/2023

USD

18,714,080

869,691

Russell

2000

E-Mini

Index

24

3/2023

USD

2,327,280

157,395

Russell

2000

E-Mini

Index

44

3/2023

USD

4,266,680

173,423

Russell

2000

E-Mini

Index

353

3/2023

USD

34,230,410

2,072,414

Russell

2000

Micro

E-Mini

Index

327

3/2023

USD

3,170,919

172,018

S&P

500

E-Mini

Index

207

3/2023

USD

42,331,500

1,274,165

S&P

500

Micro

E-Mini

Index

722

3/2023

USD

14,764,900

445,200

S&P

500

Micro

E-Mini

Index

1,422

3/2023

USD

29,079,900

457,955

TOPIX

Index

45

3/2023

JPY

6,829,601

133,180

U.S.

Treasury

5

Year

Note

223

3/2023

USD

24,361,008

(172,699)

U.S.

Treasury

10

Year

Note

999

3/2023

USD

114,401,109

1,474,848

U.S.

Treasury

Ultra

Bond

29

3/2023

USD

4,110,750

189,262

U.S.

Treasury

Ultra

Bond

91

3/2023

USD

12,899,250

703,719

3

Month

SOFR

152

3/2026

USD

36,920,800

294,288

Total

long

contracts

8,084,238

Short

Contracts

TOPIX

Index

(797)

3/2023

JPY

(120,959,820)

(1,720,204)

U.S.

Treasury

2

Year

Note

(1,409)

3/2023

USD

(289,758,649)

(1,051,774)

U.S.

Treasury

5

Year

Note

(5,397)

3/2023

USD

(589,580,089)

(5,623,092)

U.S.

Treasury

10

Year

Ultra

Note

(398)

3/2023

USD

(48,238,844)

(1,076,707)

U.S.

Treasury

Long

Bond

(632)

3/2023

USD

(82,081,000)

(1,531,600)

3

Month

SOFR

(300)

9/2023

USD

(71,328,750)

21,870

3

Month

SOFR

(754)

3/2024

USD

(180,177,725)

33,438

Total

short

contracts

(10,948,069)

Net

contracts

(2,863,831)

As

of

January

31,

2023,

the

Fund

had

$13,981,703

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

78

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Written

Call

Options

Contracts

as

of

January

31,

2023

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

10

Year

Note

Exchange

Traded

123

USD

12,300,000

USD

115.50

2/24/2023

(46,125)

Total

written

call

options

contracts

(46,125)

Written

Put

Options

Contracts

as

of

January

31,

2023

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

10

Year

Note

Exchange

Traded

123

USD

12,300,000

USD

113.50

2/24/2023

(48,047)

Total

written

put

options

contracts

(48,047)

Total

Written

Options

Contracts

(Premiums

Received

($112,965))

(94,172)

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

79

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

80

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

242,533,482

$

–

$

242,533,482

Closed

End

Fund

2,749

–

–

2,749

Collateralized

Mortgage

Obligations

–

89,669,579

–

89,669,579

Commercial

Mortgage-Backed

Securities

–

110,364,304

–

110,364,304

  Common

Stocks

Aerospace

&

Defense

39,261,734

–

–

39,261,734

Air

Freight

&

Logistics

12,999,201

–

–

12,999,201

Airlines

5,185,997

–

–

5,185,997

Auto

Components

5,435,024

–

–

5,435,024

Automobiles

33,161,872

–

–

33,161,872

Banks

95,809,096

–

–

95,809,096

Beverages

35,211,271

–

–

35,211,271

Biotechnology

63,419,752

–

–

63,419,752

Building

Products

15,016,956

1,514,804

–

16,531,760

Capital

Markets

74,239,163

–

–

74,239,163

Chemicals

41,938,604

4,200,262

–

46,138,866

Commercial

Services

&

Supplies

13,306,570

–

–

13,306,570

Communications

Equipment

18,528,519

–

–

18,528,519

Construction

&

Engineering

5,636,264

–

–

5,636,264

Construction

Materials

3,250,290

–

–

3,250,290

Consumer

Finance

13,870,746

–

–

13,870,746

Containers

&

Packaging

8,502,548

–

7,813

8,510,361

Distributors

3,104,905

–

–

3,104,905

Diversified

Consumer

Services

2,944,299

–

–

2,944,299

Diversified

Financial

Services

34,155,250

6,163,465

–

40,318,715

Diversified

Telecommunication

Services

19,752,141

–

–

19,752,141

Electric

Utilities

38,947,257

–

–

38,947,257

Electrical

Equipment

16,388,828

6,462,707

–

22,851,535

Electronic

Equipment,

Instruments

&

Components

16,946,758

11,413,040

–

28,359,798

Energy

Equipment

&

Services

11,832,861

–

–

11,832,861

Entertainment

33,055,362

4,555,199

–

37,610,561

Equity

Real

Estate

Investment

Trusts

(REITs)

75,014,047

–

–

75,014,047

Food

&

Staples

Retailing

32,967,954

–

–

32,967,954

Food

Products

25,309,080

4,822,628

–

30,131,708

Gas

Utilities

3,157,414

–

–

3,157,414

Health

Care

Equipment

&

Supplies

62,888,707

14,979,951

–

77,868,658

Health

Care

Providers

&

Services

70,752,759

–

–

70,752,759

Health

Care

Technology

3,023,138

–

–

3,023,138

Hotels,

Restaurants

&

Leisure

51,257,634

–

–

51,257,634

Household

Durables

10,936,986

8,061,085

–

18,998,071

Household

Products

27,636,365

4,201,181

–

31,837,546

Independent

Power

and

Renewable

Electricity

Producers

2,417,595

–

–

2,417,595

Industrial

Conglomerates

16,608,693

–

–

16,608,693

Insurance

56,077,658

5,925,662

–

62,003,320

Interactive

Media

&

Services

85,800,558

–

–

85,800,558

Internet

&

Direct

Marketing

Retail

55,761,407

–

–

55,761,407

IT

Services

101,924,685

15,907,948

–

117,832,633

Leisure

Products

2,602,414

–

–

2,602,414

Life

Sciences

Tools

&

Services

40,567,707

–

–

40,567,707

Machinery

47,060,263

5,469,831

–

52,530,094

Marine

589,399

–

–

589,399

Media

21,292,632

–

–

21,292,632

Metals

&

Mining

15,212,840

–

–

15,212,840

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3,253,732

–

–

3,253,732

Multiline

Retail

10,329,757

–

–

10,329,757

Multi-Utilities

17,531,411

–

–

17,531,411

Oil,

Gas

&

Consumable

Fuels

103,550,880

–

–

103,550,880

Paper

&

Forest

Products

464,171

–

–

464,171

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

81

Level

1

Level

2

Level

3

Total

Assets:

Personal

Products

$

5,120,504

$

–

$

–

$

5,120,504

Pharmaceuticals

89,158,542

6,281,207

–

95,439,749

Professional

Services

13,212,883

6,895,742

–

20,108,625

Real

Estate

Management

&

Development

3,751,043

–

–

3,751,043

Road

&

Rail

23,529,049

–

–

23,529,049

Semiconductors

&

Semiconductor

Equipment

110,543,718

5,898,549

–

116,442,267

Software

191,494,528

–

–

191,494,528

Specialty

Retail

53,320,162

7,501,114

–

60,821,276

Technology

Hardware,

Storage

&

Peripherals

128,742,190

–

–

128,742,190

Textiles,

Apparel

&

Luxury

Goods

15,864,244

5,661,755

–

21,525,999

Thrifts

&

Mortgage

Finance

3,138,792

–

–

3,138,792

Tobacco

13,748,298

–

–

13,748,298

Trading

Companies

&

Distributors

10,550,030

–

–

10,550,030

Transportation

Infrastructure

8,116

–

–

8,116

Water

Utilities

2,844,687

–

–

2,844,687

Wireless

Telecommunication

Services

5,236,516

1,920,841

–

7,157,357

Total

Common

Stocks

$

2,276,154,456

$

127,836,971

$

7,813

$

2,403,999,240

Corporate

Bonds

–

678,308,879

–

678,308,879

Credit

Default

Swaps†

–

3,143,539

–

3,143,539

Exchange

Traded

Funds

114,205,354

–

–

114,205,354

Foreign

Government

Securities  

–

25,496,678

1,028,158

26,524,836

Forward

Foreign

Currency

Contracts

–

442,818

–

442,818

Futures

Contracts

8,479,199

–

–

8,479,199

Interest

Rate

Swaps†

–

10,422,260

–

10,422,260

Mortgage-Backed

Securities

–

122,710,339

–

122,710,339

Preferred

Stock

82,249

–

–

82,249

Purchased

Option

1,108,806

–

–

1,108,806

Repurchase

Agreements

–

59,037,959

–

59,037,959

Rights  

–

2,718

–

2,718

Short-Term

Investments

–

474,703,214

–

474,703,214

Total

Return

Swaps†

–

123,833,384

–

123,833,384

U.S.

Government

Agency

Security

–

1,827,965

–

1,827,965

U.S.

Treasury

Obligations

–

278,778,614

–

278,778,614

Total

Assets

$

2,400,032,813

$

2,349,112,703

$

1,035,971

$

4,750,181,487

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(9,555,663)

$

–

$

(9,555,663)

Futures

Contracts

(11,343,030)

–

–

(11,343,030)

Interest

Rate

Swaps†

–

(2,585,565)

–

(2,585,565)

Total

Return

Swaps†

–

(2,655,819)

–

(2,655,819)

Written

Options

(94,172)

–

–

(94,172)

Total

Liabilities

$

(11,437,202)

$

(14,797,047)

$

–

$

(26,234,249)

Total

$

2,388,595,611

$

2,334,315,656

$

1,035,971

$

4,723,947,238

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

As

of

January

31,

2023,

the

fund

held

six

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

82

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

Common

Stocks

Foreign

Government

Securities

Total

Balance

as

of

10/31/2022

$

5,624

$

3,684,063

$

3,689,68

7

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

—

—

—

Purchases

—

—

—

Sales

—

—

—

Change

in

Unrealized

Appreciation/Depreciation

2,189

(2,655,905)

(2,653,716)

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

1/31/2023

$

7,813

$

1,028,158

$

1,035,97

1

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

1/31/2023

**

$

2,189

$

(2,655,905)

$

(2,653,716)

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

83

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

84

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

Each

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

The Fund

entered

into

total

return

swap

contracts

on

a

net

basis,

which

means

that

the

two

payment

streams

are

netted

out,

with

a

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

Payments

are

made

at

the

conclusion

of

a

total

return

swap

contract

or

periodically

during

its

term.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

is

normally

limited

to

the

net

amount

of

payments

that

a

Fund

is

contractually

obligated

to

make.

If

the

counterparty

to

a

total

return

swap

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

that

a

Fund

is

contractually

entitled

to

receive,

if

any.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Interest

Rate

Swap

Contracts

—

The

Fund

entered

into

interest

rate

swap

contracts

to

hedge

against

investment

risks,

to

manage

portfolio

duration,

to

obtain

exposure

to

the

investment

characteristics

of

certain

bonds

or

groups

of

bonds,

and/or

to

otherwise

increase

returns,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Interest

rate

swap

contracts

are

swaps

contracts

in

which

the

parties

exchange

their

rights

to

receive

payments

on

a

security

or

other

reference

rate.

For

example,

the

parties

might

swap

the

right

to

receive

floating

rate

payments

for

the

right

to

receive

fixed

rate

payments.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

interest

rate

swap

contract.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

85

Interest

rate

swap

contracts

are

valued

daily

and

unrealized

appreciation

(depreciation)

is

recorded.

Certain

interest

rate

swap

contracts

may

accrue

periodic

interest

on

a

daily

basis

as

a

component

of

unrealized

appreciation

(depreciation);

the

Fund

will

realize

a

gain

or

loss

upon

the

payment

or

receipt

of

accrued

interest.

The

Fund

will

realize

a

gain

or

a

loss

when

the

interest

rate

swap

is

terminated.

The

use

of

interest

rate

swap

contracts

involves

the

risk

that

the

investment

adviser

will

not

accurately

predict

anticipated

changes

in

interest

rates,

which

may

result

in

losses

to

the

Fund.

Interest

rate

swap

contracts

also

involve

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreement.

If

a

counterparty

defaults

on

its

obligations

under

a

swap

agreement,

the

Fund

may

lose

any

amount

it

expected

to

receive

from

the

counterparty,

potentially

including

amounts

in

excess

of

the

Fund’s

initial

investment.

Interest

rate

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

Interest

rate

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

(c)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(d)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

86

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

1,108,806

Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

3,143,539

Equity

risk

Unrealized

appreciation

on

centrally

cleared

swaps

contracts

123,833,384

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

10,422,260

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

442,818

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

5,761,774

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

2,717,425

Total

$

147,430,006

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(94,172)

Swap

Contracts†

Equity

risk

Unrealized

depreciation

on

centrally

cleared

swaps

contracts

(2,655,819)

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

(2,585,565)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(9,555,663)

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(1,720,204)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(9,622,826)

Total

$

(26,234,249)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

96.4%

Shares

Value

($)

Aerospace

&

Defense

1.1%

Lockheed

Martin

Corp.

5,906

2,736,013

Textron,

Inc.

19,436

1,415,913

4,151,926

Air

Freight

&

Logistics

1.5%

Expeditors

International

of

Washington,

Inc.

27,456

2,969,366

FedEx

Corp.

14,568

2,824,153

5,793,519

Auto

Components

0.8%

Lear

Corp.

21,712

3,165,175

Automobiles

2.1%

Ford

Motor

Co.

92,636

1,251,513

General

Motors

Co.

168,088

6,609,220

7,860,733

Banks

3.5%

BOK

Financial

Corp.

1,148

115,374

Comerica,

Inc.

44,235

3,242,868

Cullen/Frost

Bankers,

Inc.

6,364

829,102

First

Republic

Bank

32,876

4,631,571

Regions

Financial

Corp.

102,689

2,417,299

Zions

Bancorp

NA

41,911

2,227,988

13,464,202

Biotechnology

4.8%

Exelixis,

Inc.*

104,740

1,845,519

Incyte

Corp.*

41,084

3,497,892

Ionis

Pharmaceuticals,

Inc.*

25,393

1,012,419

Mirati

Therapeutics,

Inc.*

9,194

491,052

Neurocrine

Biosciences,

Inc.*

12,984

1,440,315

Ultragenyx

Pharmaceutical,

Inc.*

20,371

923,417

United

Therapeutics

Corp.*

7,956

2,093,780

Vertex

Pharmaceuticals,

Inc.*

22,041

7,121,447

18,425,841

Building

Products

1.5%

Trane

Technologies

plc

32,728

5,862,239

Capital

Markets

3.8%

Evercore,

Inc.,

Class

A

7,690

998,239

FactSet

Research

Systems,

Inc.

7,950

3,362,373

Interactive

Brokers

Group,

Inc.,

Class

A

39,357

3,146,198

LPL

Financial

Holdings,

Inc.

16,555

3,925,522

Raymond

James

Financial,

Inc.

29,156

3,287,922

14,720,254

Chemicals

5.2%

Albemarle

Corp.

19,896

5,599,729

CF

Industries

Holdings,

Inc.

42,561

3,604,917

Corteva,

Inc.

99,941

6,441,198

Eastman

Chemical

Co.

20,353

1,794,524

FMC

Corp.

18,894

2,515,358

19,955,726

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

2,802

349,746

Communications

Equipment

1.2%

F5,

Inc.*

10,329

1,525,180

Common

Stocks

Shares

Value

($)

Communications

Equipment

Juniper

Networks,

Inc.

98,205

3,172,022

4,697,202

Construction

&

Engineering

0.9%

AECOM

39,680

3,462,874

Consumer

Finance

1.4%

SLM

Corp.

56,109

985,835

Synchrony

Financial

120,464

4,424,643

5,410,478

Containers

&

Packaging

0.5%

Sealed

Air

Corp.

31,957

1,749,965

Electric

Utilities

1.7%

NRG

Energy,

Inc.

90,939

3,111,932

Pinnacle

West

Capital

Corp.

44,612

3,325,825

6,437,757

Electrical

Equipment

0.4%

Vertiv

Holdings

Co.

107,657

1,530,883

Entertainment

1.4%

Live

Nation

Entertainment,

Inc.*

54,731

4,405,298

Madison

Square

Garden

Sports

Corp.,

Class

A

4,962

902,290

5,307,588

Equity

Real

Estate

Investment

Trusts

(REITs)

1.8%

Camden

Property

Trust

27,118

3,341,209

Host

Hotels

&

Resorts,

Inc.

131,551

2,479,736

Ryman

Hospitality

Properties,

Inc.

10,460

971,630

6,792,575

Food

Products

1.2%

Lamb

Weston

Holdings,

Inc.

47,124

4,707,216

Health

Care

Equipment

&

Supplies

0.5%

Dexcom,

Inc.*

16,619

1,779,729

Health

Care

Providers

&

Services

5.4%

DaVita,

Inc.*

35,360

2,913,311

Elevance

Health,

Inc.

1,133

566,489

HCA

Healthcare,

Inc.

26,430

6,741,500

Humana,

Inc.

12,859

6,579,950

McKesson

Corp.

3,350

1,268,578

Molina

Healthcare,

Inc.*

5,933

1,850,087

Tenet

Healthcare

Corp.*

17,380

953,293

20,873,208

Hotels,

Restaurants

&

Leisure

3.8%

Domino's

Pizza,

Inc.

10,985

3,877,705

Expedia

Group,

Inc.*

40,347

4,611,662

Hilton

Worldwide

Holdings,

Inc.

41,308

5,993,378

14,482,745

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Vistra

Corp.

120,937

2,788,807

Insurance

6.2%

Allstate

Corp.

(The)

47,710

6,129,304

Brighthouse

Financial,

Inc.*

27,108

1,525,367

Everest

Re

Group

Ltd.

7,760

2,713,595

Lincoln

National

Corp.

63,098

2,235,562

Progressive

Corp.

(The)

25,837

3,522,875

88

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Insurance

Reinsurance

Group

of

America,

Inc.

25,686

3,898,364

W

R

Berkley

Corp.

55,065

3,862,259

23,887,326

Interactive

Media

&

Services

3.5%

Alphabet,

Inc.,

Class

C*

50,510

5,044,434

Meta

Platforms,

Inc.,

Class

A*

48,969

7,294,912

Snap,

Inc.,

Class

A*

97,219

1,123,851

13,463,197

Internet

&

Direct

Marketing

Retail

0.7%

Amazon.com,

Inc.*

24,671

2,544,320

IT

Services

4.8%

EPAM

Systems,

Inc.*

10,921

3,632,871

Fidelity

National

Information

Services,

Inc.

86,049

6,457,117

GoDaddy,

Inc.,

Class

A*

39,523

3,246,024

VeriSign,

Inc.*

23,542

5,133,333

18,469,345

Machinery

2.5%

AGCO

Corp.

21,345

2,948,385

Allison

Transmission

Holdings,

Inc.

27,619

1,245,065

Fortive

Corp.

46,561

3,167,545

Oshkosh

Corp.

22,485

2,266,038

9,627,033

Multiline

Retail

2.0%

Target

Corp.

43,596

7,504,615

Multi-Utilities

0.6%

Ameren

Corp.

3,013

261,739

DTE

Energy

Co.

16,542

1,924,993

2,186,732

Oil,

Gas

&

Consumable

Fuels

2.4%

Cheniere

Energy,

Inc.

15,733

2,403,845

EOG

Resources,

Inc.

15,701

2,076,457

Marathon

Oil

Corp.

69,644

1,913,121

Valero

Energy

Corp.

20,510

2,872,015

9,265,438

Pharmaceuticals

0.3%

Viatris,

Inc.

108,764

1,322,570

Road

&

Rail

0.7%

Lyft,

Inc.,

Class

A*

165,038

2,681,868

Semiconductors

&

Semiconductor

Equipment

1.7%

Qorvo,

Inc.*

38,238

4,154,941

Teradyne,

Inc.

22,717

2,310,319

6,465,260

Software

11.6%

Atlassian

Corp.,

Class

A*

21,159

3,419,718

Box,

Inc.,

Class

A*

62,272

1,992,081

Crowdstrike

Holdings,

Inc.,

Class

A*

11,885

1,258,622

Dropbox,

Inc.,

Class

A*

45,994

1,068,441

Fortinet,

Inc.*

94,917

4,967,956

Microsoft

Corp.

80,024

19,830,747

New

Relic,

Inc.*

20,610

1,258,241

Nutanix,

Inc.,

Class

A*

37,852

1,054,935

Palo

Alto

Networks,

Inc.*

30,384

4,820,118

Pegasystems,

Inc.

43,181

1,678,877

Common

Stocks

Shares

Value

($)

Software

Qualys,

Inc.*

8,868

1,023,012

Tenable

Holdings,

Inc.*

19,261

774,870

Zscaler,

Inc.*

11,314

1,404,746

44,552,364

Specialty

Retail

6.2%

AutoZone,

Inc.*

2,613

6,372,715

O'Reilly

Automotive,

Inc.*

8,045

6,374,456

Ross

Stores,

Inc.

47,416

5,604,097

Ulta

Beauty,

Inc.*

10,835

5,568,756

23,920,024

Technology

Hardware,

Storage

&

Peripherals

7.6%

Apple,

Inc.

100,957

14,567,086

Dell

Technologies,

Inc.,

Class

C

92,575

3,760,396

HP,

Inc.

150,773

4,393,525

NetApp,

Inc.

29,609

1,961,004

Pure

Storage,

Inc.,

Class

A*

12,555

363,342

Western

Digital

Corp.*

96,631

4,246,932

29,292,285

Textiles,

Apparel

&

Luxury

Goods

0.3%

Under

Armour,

Inc.,

Class

A*

105,300

1,304,667

Total

Investments

(cost

$357,635,824)

—

96.4%

370,257,432

Other

assets

in

excess

of

liabilities

—

3.6%

13,926,193

NET

ASSETS

—

100.0%

$

384,183,625

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

89

OTC

Total

return

swap

contracts

outstanding

as

of

January

31,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

9,650

482

482

Allison

Transmission

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

52,468

34,104

34,104

Alnylam

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

3,813

18,951

18,951

Altria

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

139,217

256,159

256,159

Ameren

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

802

224

224

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

38,327

1,533

1,533

Azenta,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

11,143

11,143

11,143

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

62,930

6,922

6,922

Brighthouse

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

30,932

26,911

26,911

Cadence

Bank

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

52,498

14,699

14,699

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

43,983

15,394

15,394

Camden

Property

Trust

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

731

1,828

1,828

Carnival

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

211,033

42,207

42,207

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

88,063

23,777

23,777

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

19,455

33,852

33,852

Comerica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

6,278

8,915

8,915

Coterra

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

75,821

22,746

22,746

Danaher

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

8,780

11,853

11,853

Dell

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

17,855

11,427

11,427

90

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Dillard's,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

1,829

52,785

52,785

DISH

Network

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

102,057

1,021

1,021

DoubleVerify

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

27,344

11,211

11,211

DTE

Energy

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,142

75,180

75,180

Eastman

Chemical

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

22,100

47,294

47,294

Evercore,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

25,854

53,001

53,001

Exelixis,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

29,236

4,385

4,385

Expeditors

International

of

Washington,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

13,765

5,919

5,919

FedEx

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

18,857

83,914

83,914

FMC

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

10,197

15,194

15,194

Fortive

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

15,922

17,355

17,355

Freshpet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

38,150

35,480

35,480

Frontier

Communications

Parent,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

78,988

–

–

Healthcare

Realty

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

88,235

–

–

Host

Hotels

&

Resorts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

86,636

46,783

46,783

Interactive

Brokers

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

17,456

42,418

42,418

Lamb

Weston

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,817

4,451

4,451

Lear

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

3,975

20,988

20,988

Liberty

Broadband

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

12,690

26,649

26,649

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

91

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Lockheed

Martin

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

8,791

58,548

58,548

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

31,618

2,213

2,213

Madison

Square

Garden

Sports

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

6,172

8,579

8,579

Marvell

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

8,700

9,048

9,048

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

13,914

277

277

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

8,406

95,997

95,997

MP

Materials

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

16,511

8,916

8,916

NetApp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

25,546

30,400

30,400

NRG

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

18,219

15,441

15,441

NVIDIA

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

2,393

19,814

19,814

Pegasystems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

4,776

2,388

2,388

PerkinElmer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

3,613

3,468

3,468

Petco

Health

&

Wellness

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

61,447

3,072

3,072

Pinnacle

West

Capital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

1,106

1,488

1,488

Power

Integrations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

6,859

8,780

8,780

Procore

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

18,894

26,074

26,074

Pure

Storage,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

68,753

44,002

44,002

Qualys,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

9,150

10,980

10,980

Raymond

James

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

18,742

26,614

26,614

92

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

10,642

36,396

36,396

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

8,223

12,499

12,499

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

11,588

114,142

114,142

Republic

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,725

3,992

3,992

Sarepta

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

25,119

52,248

52,248

SBA

Communications

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

14,806

125,851

125,851

Southwestern

Energy

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

69,452

2,012

2,012

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

29,714

296

296

Textron,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

28,825

17,007

17,007

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

30,641

49,332

49,332

Under

Armour,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

26,413

5,018

5,018

Viatris,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

292,415

78,952

78,952

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

40,176

15,669

15,669

W

R

Berkley

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

8,560

12,155

12,155

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

201,516

18,136

18,136

–

–

Total

unrealized

appreciation

2,006,959

2,006,959

–

–

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

5,359

(3,376)

(3,376)

AGNC

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

39,657

(6,345)

(6,345)

Agree

Realty

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,971

(17,616)

(17,616)

Altice

USA,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

174,897

(8,745)

(8,745)

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

93

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Annaly

Capital

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

85,204

(86,056)

(86,056)

APA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

15,473

(17,794)

(17,794)

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

48,716

(79,894)

(79,894)

Applied

Industrial

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

2,642

(7,662)

(7,662)

AppLovin

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

58,654

(6,452)

(6,452)

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

30,515

(21,361)

(21,361)

Arista

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,138

(86)

(86)

ASGN,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

14,364

(9,768)

(9,768)

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

6,322

(50,576)

(50,576)

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

24,683

(2,468)

(2,468)

Carlyle

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

56,385

(30,448)

(30,448)

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

6,169

(984)

(984)

Civitas

Resources,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

12,196

(5,732)

(5,732)

Core

&

Main,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

9,415

(3,766)

(3,766)

Doximity,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

8,084

(2,587)

(2,587)

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

108,375

(17,340)

(17,340)

EPAM

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

1,215

(10,668)

(10,668)

Everest

Re

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

3,530

(4,589)

(4,589)

F5,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

13,212

(1,453)

(1,453)

94

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

FactSet

Research

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

444

(1,110)

(1,110)

Fair

Isaac

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

1,963

(11,189)

(11,189)

First

Citizens

BancShares,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

605

(4,937)

(4,937)

Five

Below,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

5,675

(10,783)

(10,783)

Floor

&

Decor

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

8,312

(32,749)

(32,749)

Fortinet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

16,506

(5,942)

(5,942)

FTI

Consulting,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

5,149

(6,591)

(6,591)

GoDaddy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,008

(1,401)

(1,401)

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

36,593

(30,878)

(30,878)

Healthpeak

Properties,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

47,259

(2,363)

(2,363)

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

29,896

(26,906)

(26,906)

ICU

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

10,685

(8,014)

(8,014)

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

22,033

(12,338)

(12,338)

International

Flavors

&

Fragrances,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

19,726

(28,011)

(28,011)

Intuit,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

4,901

(4,068)

(4,068)

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

14,583

(2,187)

(2,187)

Karuna

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

1,562

(3,921)

(3,921)

Kite

Realty

Group

Trust

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

25,196

(9,323)

(9,323)

KKR

&

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

43,362

(13,442)

(13,442)

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

95

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Leggett

&

Platt,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

38,736

(49,582)

(49,582)

Marathon

Petroleum

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

36,158

(156,564)

(156,564)

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

26,013

(9,105)

(9,105)

Mister

Car

Wash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

189,424

(60,616)

(60,616)

Moody's

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

6,390

(20,256)

(20,256)

Netflix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

23,366

(161,459)

(161,459)

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

19,734

(71,437)

(71,437)

New

Relic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

19,558

(6,259)

(6,259)

New

York

Community

Bancorp,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

42,699

(4,697)

(4,697)

Newell

Brands,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

21,299

(2,556)

(2,556)

NextEra

Energy

Partners

LP

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

21,624

(8,866)

(8,866)

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

130,298

(26,060)

(26,060)

Omega

Healthcare

Investors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

24,800

(9,424)

(9,424)

Opendoor

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

88,283

(14,125)

(14,125)

Option

Care

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

12,139

(2,792)

(2,792)

Oshkosh

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

13,819

(16,168)

(16,168)

Paramount

Global

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

93,664

(29,908)

(29,908)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

16,202

(18,794)

(18,794)

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

6,174

(38,402)

(38,402)

96

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Realty

Income

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

30,838

(831)

(831)

Regeneron

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,581

(40,367)

(40,367)

Rexford

Industrial

Realty,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

24,938

(7,232)

(7,232)

RH

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

4,902

(6,569)

(6,569)

Salesforce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

1,323

(4,564)

(4,564)

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

149,682

(4,490)

(4,490)

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,124

(19,923)

(19,923)

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

62,016

(9,302)

(9,302)

STERIS

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

2,994

(1,227)

(1,227)

Sunrun,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

46,427

(38,070)

(38,070)

T

Rowe

Price

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

16,305

(2,935)

(2,935)

Teledyne

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

5,173

(10,036)

(10,036)

Teradyne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

22,113

(38,477)

(38,477)

Thor

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

526

(1,652)

(1,652)

VeriSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,250

(1,057)

(1,057)

Vertiv

Holdings

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

73,981

(11,837)

(11,837)

Viasat,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

31,122

(6,224)

(6,224)

VICI

Properties,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

59,786

(25,708)

(25,708)

Webster

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

29,489

(53,375)

(53,375)

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

97

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Western

Digital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

10,538

(10,749)

(10,749)

WP

Carey,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

10,169

(10,627)

(10,627)

YETI

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

21,961

(2,635)

(2,635)

Zions

Bancorp

NA

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

29,986

(6,297)

(6,297)

ZoomInfo

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

49,169

(30,485)

(30,485)

–

–

Total

unrealized

depreciation

(1,663,658)

(1,663,658)

–

–

Net

unrealized

appreciation

343,301

343,301

Financing

Costs

of

Swap

Contracts

(113,951)

(113,951)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

229,350

229,350

As

of

January

31,

2023,

the

Fund

had

$7,050,000

segregated

as

collateral

for

swap

contracts.

OBFR

Overnight

Bank

Funding

Rate

98

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

99

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

370,257,432

$

–

$

–

$

370,257,432

Total

Return

Swaps†

–

2,006,959

–

2,006,959

Total

Assets

$

370,257,432

$

2,006,959

$

–

$

372,264,391

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps†

$

–

$

(1,777,609)

$

–

$

(1,777,609)

Total

Liabilities

$

–

$

(1,777,609)

$

–

$

(1,777,609)

Total

$

370,257,432

$

229,350

$

–

$

370,486,782

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

100

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Unrealized

appreciationon

on

centrally

cleared

swaps

contracts

$

2,006,959

Total

$

2,006,959

Liabilities:

Swap

Contracts†

Equity

risk

Unrealized

depreciation

on

centrally

cleared

swaps

contracts

$

(1,777,609)

Total

$

(1,777,609)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

6

Asset-Backed

Security

0.2%

Principal

Amount

($)

Value

($)

UNITED

STATES

0.2%

Airlines

0.2%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

109,825

92,509

Total

Asset-Backed

Securities

(cost  $109,825)

92,509

Corporate

Bonds

89.5%

AUSTRALIA

0.2%

Metals

&

Mining

0.2%

Mineral

Resources

Ltd.,

8.50%,

5/1/2030(a)

84,000

86,782

BRAZIL

6.2%

Airlines

1.6%

Gol

Finance

SA

7.00%,

1/31/2025(a)

700,000

365,540

8.00%,

6/30/2026(a)

540,000

375,300

740,840

Commercial

Services

&

Supplies

0.7%

Atento

Luxco

1

SA,

8.00%,

2/10/2026(a)

611,000

331,162

Marine

0.4%

Hidrovias

International

Finance

SARL,

4.95%,

2/8/2031(a)

245,000

188,094

Oil,

Gas

&

Consumable

Fuels

1.9%

Acu

Petroleo

Luxembourg

Sarl,

7.50%,

1/13/2032(a)

496,940

467,740

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(a)

450,000

392,529

860,269

Road

&

Rail

0.9%

Simpar

Europe

SA,

5.20%,

1/26/2031(a)

570,000

415,815

Water

Utilities

0.7%

Aegea

Finance

Sarl,

6.75%,

5/20/2029(a)

340,000

338,028

2,874,208

CANADA

6.2%

Aerospace

&

Defense

1.2%

Bombardier,

Inc.

7.88%,

4/15/2027(a)(b)

485,000

484,587

7.50%,

2/1/2029(a)

70,000

69,932

554,519

Commercial

Services

&

Supplies

1.2%

Garda

World

Security

Corp.

9.50%,

11/1/2027(a)(b)

216,000

213,319

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Commercial

Services

&

Supplies

6.00%,

6/1/2029(a)

380,000

317,186

530,505

Energy

Equipment

&

Services

0.5%

Enerflex

Ltd.,

9.00%,

10/15/2027(a)

220,000

224,074

Oil,

Gas

&

Consumable

Fuels

3.3%

Baytex

Energy

Corp.,

8.75%,

4/1/2027(a)

367,000

379,768

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(a)

467,000

440,848

Strathcona

Resources

Ltd.,

6.88%,

8/1/2026(a)

384,000

327,360

Vermilion

Energy,

Inc.,

6.88%,

5/1/2030(a)

425,000

392,062

1,540,038

2,849,136

CAYMAN

ISLANDS

1.1%

Consumer

Finance

1.1%

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

9/15/2024(a)(c)

606,442

536,453

CYPRUS

1.4%

Consumer

Finance

1.4%

ASG

Finance

Designated

Activity

Co.,

7.88%,

12/3/2024(a)

660,000

643,500

EGYPT

1.0%

Oil,

Gas

&

Consumable

Fuels

1.0%

Energean

plc,

6.50%,

4/30/2027(a)

475,000

444,505

FRANCE

2.5%

Chemicals

0.5%

Lune

Holdings

Sarl,

5.63%,

11/15/2028(a)

EUR

250,000

230,340

Health

Care

Providers

&

Services

0.9%

Chrome

Bidco

SASU,

3.50%,

5/31/2028(a)

EUR

455,000

409,919

Real

Estate

Management

&

Development

1.1%

Emeria

SASU,

7.75%,

3/31/2028(a)

EUR

485,000

527,268

1,167,527

GERMANY

2.4%

Pharmaceuticals

1.3%

Nidda

BondCo

GmbH,

5.00%,

9/30/2025(a)

EUR

300,000

303,278

Nidda

Healthcare

Holding

GmbH,

3.50%,

9/30/2024(a)

EUR

249,000

265,055

568,333

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

GERMANY

Real

Estate

Management

&

Development

1.1%

ADLER

Real

Estate

AG,

Reg.

S,

3.00%,

4/27/2026

EUR

600,000

481,729

1,050,062

GHANA

0.9%

Oil,

Gas

&

Consumable

Fuels

0.9%

Tullow

Oil

plc,

10.25%,

5/15/2026(a)

470,000

405,375

HONG

KONG

0.9%

Marine

0.9%

Seaspan

Corp.,

5.50%,

8/1/2029(a)

520,000

395,023

ISRAEL

0.7%

Banks

0.7%

Bank

Leumi

Le-Israel

BM,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.47%),

7.13%,

7/18/2033(a)(d)

315,000

325,395

ITALY

3.5%

Banks

0.5%

Intesa

Sanpaolo

SpA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

6/1/2032(a)(d)

305,000

242,676

Containers

&

Packaging

1.3%

Fiber

Bidco

Spa,

11.00%,

10/25/2027(a)

EUR

100,000

117,657

Guala

Closures

SpA,

3.25%,

6/15/2028(a)

EUR

515,000

482,058

599,715

Hotels,

Restaurants

&

Leisure

0.7%

Lottomatica

SpA

5.13%,

7/15/2025(a)

EUR

200,000

210,072

9.75%,

9/30/2027(a)

EUR

115,000

132,212

342,284

Specialty

Retail

1.0%

Shiba

Bidco

SpA,

4.50%,

10/31/2028(a)

EUR

500,000

465,572

1,650,247

LUXEMBOURG

0.8%

Diversified

Financial

Services

0.8%

Garfunkelux

Holdco

3

SA

6.75%,

11/1/2025(a)

EUR

160,000

132,197

7.75%,

11/1/2025(a)

GBP

270,000

252,149

384,346

Corporate

Bonds

Principal

Amount

($)

Value

($)

MEXICO

4.1%

Airlines

1.8%

Grupo

Aeromexico

SAB

de

CV,

8.50%,

3/17/2027(a)

925,000

837,769

Consumer

Finance

0.1%

Credito

Real

SAB

de

CV

SOFOM

ER,

8.00%,

1/21/2028(a)(e)

350,000

29,095

Diversified

Financial

Services

0.1%

Unifin

Financiera

SAB

de

CV,

8.38%,

1/27/2028(a)

(e)

830,000

32,702

Diversified

Telecommunication

Services

1.0%

Total

Play

Telecomunicaciones

SA

de

CV,

7.50%,

11/12/2025(a)

520,000

485,004

Hotels,

Restaurants

&

Leisure

1.1%

Food

Service

Project

SA,

5.50%,

1/21/2027(a)

EUR

330,000

337,234

Grupo

Posadas

SAB

de

CV,

2.50%,

12/30/2027(a)(c)(f)

249,744

197,357

534,591

1,919,161

MOLDOVA,

REPUBLIC

OF

0.6%

Food

Products

0.6%

Aragvi

Finance

International

DAC,

8.45%,

4/29/2026(a)(b)

360,000

268,963

NETHERLANDS

0.9%

Construction

&

Engineering

0.9%

Promontoria

Holding

264

BV

6.38%,

3/1/2027(a)

EUR

220,000

226,114

7.88%,

3/1/2027(a)

205,000

193,936

420,050

NIGERIA

0.7%

Diversified

Telecommunication

Services

0.7%

IHS

Holding

Ltd.

5.63%,

11/29/2026(a)

200,000

168,900

6.25%,

11/29/2028(a)

200,000

163,416

332,316

PARAGUAY

0.4%

Food

Products

0.4%

Frigorifico

Concepcion

SA,

7.70%,

7/21/2028(a)

245,000

196,919

PORTUGAL

2.3%

Airlines

2.3%

Transportes

Aereos

Portugueses

SA,

5.63%,

12/2/2024(a)

EUR

1,000,000

1,043,565

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

RUSSIA

0.0%

†

Banks

0.0%

†

Sovcombank

(e)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%),

7.75%,

5/06/2025^∞(a)(d)(e)(g)

325,000

0

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.36%),

7.60%,

2/17/2027^∞(a)(d)(e)(g)

530,000

0

0

SINGAPORE

1.8%

Consumer

Finance

1.8%

Avation

Capital

SA,

6.50%,

10/31/2026(a)(c)

1,001,707

851,034

SPAIN

1.4%

Hotels,

Restaurants

&

Leisure

1.4%

Cirsa

Finance

International

Sarl,

10.38%,

11/30/2027(a)

EUR

240,000

273,463

eDreams

ODIGEO

SA,

5.50%,

7/15/2027(a)

EUR

415,000

385,861

659,324

SWEDEN

0.7%

Commercial

Services

&

Supplies

0.7%

Intrum

AB,

9.25%,

3/15/2028(a)

EUR

280,000

313,534

SWITZERLAND

1.0%

Consumer

Finance

1.0%

VistaJet

Malta

Finance

plc

7.88%,

5/1/2027(a)

280,000

271,600

6.38%,

2/1/2030(a)

205,000

180,789

452,389

TURKEY

1.0%

Airlines

0.7%

Pegasus

Hava

Tasimaciligi

A/S,

9.25%,

4/30/2026(a)

340,000

339,497

Metals

&

Mining

0.3%

Eldorado

Gold

Corp.,

6.25%,

9/1/2029(a)

177,000

162,201

501,698

UKRAINE

0.9%

Metals

&

Mining

0.9%

Metinvest

BV,

7.75%,

10/17/2029(a)

865,000

422,802

UNITED

ARAB

EMIRATES

0.7%

Energy

Equipment

&

Services

0.7%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(a)

371,000

350,595

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

2.7%

Capital

Markets

1.1%

Sherwood

Financing

plc,

6.00%,

11/15/2026(a)

GBP

495,000

488,209

Oil,

Gas

&

Consumable

Fuels

1.6%

Harbour

Energy

plc,

5.50%,

10/15/2026(a)

420,000

384,300

Neptune

Energy

Bondco

plc,

6.63%,

5/15/2025(a)

155,000

153,063

SCC

Power

plc

4.00%,

12/31/2028(a)(c)

716,884

216,188

0.00%,

5/17/2032(a)(c)

388,311

12,642

766,193

1,254,402

UNITED

STATES

42.5%

Aerospace

&

Defense

0.2%

Spirit

AeroSystems,

Inc.,

9.38%,

11/30/2029(a)

105,000

114,111

Air

Freight

&

Logistics

1.1%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(a)

720,000

504,000

Airlines

0.4%

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

9/20/2025(a)

195,000

199,871

Auto

Components

0.8%

Dealer

Tire

LLC,

8.00%,

2/1/2028(a)

388,000

357,278

Chemicals

3.9%

Koppers,

Inc.,

6.00%,

2/15/2025(a)

499,000

491,515

Mativ

Holdings,

Inc.,

6.88%,

10/1/2026(a)

576,000

532,800

Rain

CII

Carbon

LLC,

7.25%,

4/1/2025(a)

331,000

311,228

SCIL

IV

LLC

4.38%,

11/1/2026(a)

EUR

230,000

221,902

5.38%,

11/1/2026(a)

265,000

242,889

1,800,334

Commercial

Services

&

Supplies

2.0%

Allied

Universal

Holdco

LLC,

9.75%,

7/15/2027(a)

485,000

463,175

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/2029(a)

210,000

204,126

Prime

Security

Services

Borrower

LLC,

6.25%,

1/15/2028(a)

300,000

284,520

951,821

Communications

Equipment

0.3%

CommScope,

Inc.,

6.00%,

3/1/2026(a)

163,000

156,048

4

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Construction

&

Engineering

0.7%

Artera

Services

LLC,

9.03%,

12/4/2025(a)

380,295

325,137

Consumer

Finance

1.0%

Ford

Motor

Credit

Co.

LLC,

4.13%,

8/17/2027

520,000

479,586

Diversified

Telecommunication

Services

2.1%

CCO

Holdings

LLC

7.38%,

3/1/2031(a)

60,000

60,150

4.75%,

2/1/2032(a)

405,000

344,250

Lumen

Technologies,

Inc.,

4.50%,

1/15/2029(a)

320,000

215,200

Windstream

Escrow

LLC,

7.75%,

8/15/2028(a)

400,000

323,812

943,412

Electric

Utilities

0.4%

NRG

Energy,

Inc.,

3.88%,

2/15/2032(a)

245,000

190,709

Electrical

Equipment

0.6%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(a)

EUR

340,000

300,377

Energy

Equipment

&

Services

1.4%

Nabors

Industries

Ltd.,

7.50%,

1/15/2028(a)

470,000

448,009

Transocean

Titan

Financing

Ltd.,

8.38%,

2/1/2028(a)

40,000

41,509

Transocean,

Inc.,

8.75%,

2/15/2030(a)

120,000

123,720

613,238

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Uniti

Group

LP,

6.00%,

1/15/2030(a)

635,000

420,905

Health

Care

Providers

&

Services

1.0%

Surgery

Center

Holdings,

Inc.,

10.00%,

4/15/2027(a)

101,000

103,019

US

Acute

Care

Solutions

LLC,

6.38%,

3/1/2026(a)

265,000

239,719

US

Renal

Care,

Inc.,

10.63%,

7/15/2027(a)

456,000

148,200

490,938

Hotels,

Restaurants

&

Leisure

3.6%

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

5/1/2028(a)

35,000

37,800

Carnival

plc,

1.00%,

10/28/2029

EUR

303,000

165,856

Mohegan

Tribal

Gaming

Authority,

8.00%,

2/1/2026(a)

209,000

198,550

NCL

Corp.

Ltd.

5.88%,

3/15/2026(a)

395,000

341,667

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

7.75%,

2/15/2029(a)(b)

180,000

154,788

Royal

Caribbean

Cruises

Ltd.,

11.63%,

8/15/2027(a)

220,000

233,463

Viking

Cruises

Ltd.,

5.88%,

9/15/2027(a)

298,000

253,830

VOC

Escrow

Ltd.,

5.00%,

2/15/2028(a)

285,000

250,558

1,636,512

Household

Durables

0.5%

Beazer

Homes

USA,

Inc.,

7.25%,

10/15/2029

275,000

254,031

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Clearway

Energy

Operating

LLC,

3.75%,

2/15/2031(a)(b)

310,000

261,897

Machinery

0.4%

Park-Ohio

Industries,

Inc.,

6.63%,

4/15/2027

255,000

187,363

Media

3.2%

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%,

4/15/2028(a)(b)

175,000

148,878

7.50%,

6/1/2029(a)(b)

440,000

358,600

CSC

Holdings

LLC,

4.63%,

12/1/2030(a)

400,000

236,521

McGraw-Hill

Education,

Inc.,

8.00%,

8/1/2029(a)

653,000

559,947

Stagwell

Global

LLC,

5.63%,

8/15/2029(a)

231,000

202,414

1,506,360

Metals

&

Mining

2.1%

Coeur

Mining,

Inc.,

5.13%,

2/15/2029(a)

380,000

305,977

Constellium

SE,

3.13%,

7/15/2029(a)

EUR

253,000

226,915

TMS

International

Corp.,

6.25%,

4/15/2029(a)(b)

560,000

420,638

953,530

Oil,

Gas

&

Consumable

Fuels

4.3%

Aethon

United

BR

LP,

8.25%,

2/15/2026(a)

275,000

273,625

Ascent

Resources

Utica

Holdings

LLC,

5.88%,

6/30/2029(a)(b)

325,000

286,081

Crestwood

Midstream

Partners

LP,

7.38%,

2/1/2031(a)(b)

205,000

206,281

Delek

Logistics

Partners

LP,

7.13%,

6/1/2028(a)

425,000

389,827

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(g)

300,000

274,050

Harvest

Midstream

I

LP,

7.50%,

9/1/2028(a)

364,000

358,085

Tap

Rock

Resources

LLC,

7.00%,

10/1/2026(a)

240,000

227,160

2,015,109

Pharmaceuticals

1.5%

P&L

Development

LLC,

7.75%,

11/15/2025(a)

315,000

256,477

Par

Pharmaceutical,

Inc.,

7.50%,

4/1/2027(a)(e)(f)

585,000

457,768

714,245

Road

&

Rail

2.3%

Carriage

Purchaser,

Inc.,

7.88%,

10/15/2029(a)(b)

665,000

482,534

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/2029(a)

505,000

385,063

XPO

Escrow

Sub

LLC,

7.50%,

11/15/2027(a)

195,000

200,382

1,067,979

Software

1.3%

AthenaHealth

Group,

Inc.,

6.50%,

2/15/2030(a)(b)

563,000

466,452

GoTo

Group,

Inc.,

5.50%,

9/1/2027(a)

276,000

138,907

605,359

Specialty

Retail

1.5%

Staples,

Inc.,

7.50%,

4/15/2026(a)

246,000

218,583

White

Cap

Buyer

LLC,

6.88%,

10/15/2028(a)

550,000

500,623

719,206

Technology

Hardware,

Storage

&

Peripherals

0.7%

Diebold

Nixdorf,

Inc.

9.38%,

7/15/2025(a)

56,000

36,817

8.50%,

10/15/2026(a)(c)

564,697

285,729

322,546

Thrifts

&

Mortgage

Finance

3.2%

Freedom

Mortgage

Corp.

8.13%,

11/15/2024(a)(b)

354,000

342,506

6.63%,

1/15/2027(a)(b)

165,000

137,300

Provident

Funding

Associates

LP,

6.38%,

6/15/2025(a)

565,000

529,625

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Thrifts

&

Mortgage

Finance

United

Wholesale

Mortgage

LLC,

5.75%,

6/15/2027(a)

530,000

475,795

1,485,226

Trading

Companies

&

Distributors

0.5%

Fortress

Transportation

and

Infrastructure

Investors

LLC,

9.75%,

8/1/2027(a)

225,000

231,308

19,808,436

Total

Corporate

Bonds

(cost

$51,161,558)

41,607,747

Common

Stock

0.5%

Shares

MEXICO

0.5%

Airlines

0.5%

Grupo

Aeromexico

SAB

de

CV

*∞

27,837

236,527

Total

Common

Stock

(cost

$455,000)

236,527

Warrants

0.0%

†

Number

of

Warrants

SINGAPORE

0.0%

†

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026*∞

24,413

0

Total

Warrants

(cost

$0)

0

Loan

Participations

4.2%

Principal

Amount

($)

UNITED

STATES

4.2%

Auto

Components

1.8%

First

Brands

Group

LLC,

1st

Lien

Term

Loan,

(SOFR

+

5.00%),

10.25%,

3/30/2027

(d)

863,219

842,934

Metal

Fabrication/Hardware

0.7%

Grinding

Media,

Inc.

(Molycop

Ltd.),

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

8.07%,

10/12/2028

(d)

325,875

317,728

6

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

Loan

Participations

Principal

Amount

($)

Value

($)

Oil

&

Gas

Services

1.7%

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

+

7.25%),

12.10%,

3/4/2025

(d)

784,350

803,959

Total

Loan

Participations

(cost

$1,955,239)

1,964,621

Convertible

Bonds

0.6%

Airlines

0.3%

GOL

Equity

Finance

SA,

3.75%,

7/15/2024

(a)

228,000

111,036

Hotels,

Restaurants

&

Leisure

0.3%

DraftKings

Holdings,

Inc.,

0.00%,

3/15/2028

(h)

215,000

146,200

Total

Convertible

Bond

(cost  $435,037)

257,236

Repurchase

Agreement

5.1%

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$2,367,916,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,967,371.

(i)

2,367,635

2,367,635

Total

Repurchase

Agreement

(cost

$2,367,635)

2,367,635

Total

Investments

(cost

$56,484,294)

—

100.1%

46,526,275

Liabilities

in

excess

of

other

assets

—

(0.1)%

(49,780)

NET

ASSETS

—

100.0%

$

46,476,495

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$39,876,168

which

represents

85.80%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$2,315,236,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,367,635

and

by

$37,386

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2049,

a

total

value

of

$2,405,021.

(c)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(e)

Security

in

default.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(g)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(h)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(i)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$2,367,635.

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2023

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

39-V1

5.00

Quarterly

12/20/2027

4.32

USD

15,370,000

623,181

(1,121,755)

(498,574)

623,181

(1,121,755)

(498,574)

As

of

January

31,

2023,

the

Fund

had

$870,085

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

6,787,175

EUR

6,240,000

JPMorgan

Chase

Bank

2/21/2023

(4,709)

USD

736,496

GBP

599,996

HSBC

Bank,

N.A.

2/21/2023

(3,499)

USD

111,509

MXN

2,230,000

HSBC

Bank,

N.A.

3/29/2023

(5,753)

Total

unrealized

depreciation

(13,961)

Net

unrealized

depreciation

(13,961)

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

8

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Security

$

–

$

92,509

$

–

$

92,509

Common

Stock

–

236,527

–

236,527

Convertible

Bonds

–

257,236

–

257,236

  Corporate

Bonds

Aerospace

&

Defense

–

668,630

–

668,630

Air

Freight

&

Logistics

–

504,000

–

504,000

Airlines

–

3,161,542

–

3,161,542

Auto

Components

–

357,278

–

357,278

Banks

–

568,071

–

568,071

Capital

Markets

–

488,209

–

488,209

Chemicals

–

2,030,674

–

2,030,674

Commercial

Services

&

Supplies

–

2,127,022

–

2,127,022

Communications

Equipment

–

156,048

–

156,048

Construction

&

Engineering

–

745,187

–

745,187

Consumer

Finance

–

2,992,057

–

2,992,057

Containers

&

Packaging

–

599,715

–

599,715

Diversified

Financial

Services

–

417,048

–

417,048

Diversified

Telecommunication

Services

–

1,760,732

–

1,760,732

Electric

Utilities

–

190,709

–

190,709

Electrical

Equipment

–

300,377

–

300,377

Energy

Equipment

&

Services

–

1,187,907

–

1,187,907

Equity

Real

Estate

Investment

Trusts

(REITs)

–

420,905

–

420,905

Food

Products

–

465,882

–

465,882

Health

Care

Providers

&

Services

–

900,857

–

900,857

Hotels,

Restaurants

&

Leisure

–

3,172,711

–

3,172,711

Household

Durables

–

254,031

–

254,031

Independent

Power

and

Renewable

Electricity

Producers

–

261,897

–

261,897

Machinery

–

187,363

–

187,363

Marine

–

583,117

–

583,117

Media

–

1,506,360

–

1,506,360

Metals

&

Mining

–

1,625,315

–

1,625,315

Oil,

Gas

&

Consumable

Fuels

–

6,031,489

–

6,031,489

Pharmaceuticals

–

1,282,578

–

1,282,578

Real

Estate

Management

&

Development

–

1,008,997

–

1,008,997

Road

&

Rail

–

1,483,794

–

1,483,794

Software

–

605,359

–

605,359

Specialty

Retail

–

1,184,778

–

1,184,778

Technology

Hardware,

Storage

&

Peripherals

–

322,546

–

322,546

Thrifts

&

Mortgage

Finance

–

1,485,226

–

1,485,226

Trading

Companies

&

Distributors

–

231,308

–

231,308

Water

Utilities

–

338,028

–

338,028

Total

Corporate

Bonds

$

–

$

41,607,747

$

–

$

41,607,747

Loan

Participations

–

1,964,621

–

1,964,621

Repurchase

Agreement

–

2,367,635

–

2,367,635

Warrants

–

–

–

–

Total

Assets

$

–

$

46,526,275

$

–

$

46,526,275

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(1,121,755)

$

–

$

(1,121,755)

Forward

Foreign

Currency

Contracts

–

(13,961)

–

(13,961)

Total

Liabilities

$

–

$

(1,135,716)

$

–

$

(1,135,716)

Total

$

–

$

45,390,559

$

–

$

45,390,559

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

10

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Global

High

Yield

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts

and forward

foreign

currency

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(b)

Forward

Foreign

Currency

Contracts          

As

of

January

31,

2023,

the

fund

held

two

corporate

bond

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Nationwide

Amundi

Global

High

Yield

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Liabilities:

Fair

Value

Swap

Contracts

†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,121,755)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(13,961)

Total

$

(1,135,716)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Asset-Backed

Securities

7.0%

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

0.9%

Other

0.9%

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

7.02%,

10/16/2036(a)(b)

800,000

742,189

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

6.73%,

2/20/2030(a)(b)

350,000

335,783

1,077,972

UNITED

STATES

6.1%

Airlines

0.2%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

143,250

120,665

United

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

143,977

140,296

260,961

Automobiles

1.7%

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(b)

290,000

265,817

Series

2021-2,

Class

F,

4.19%,

2/15/2029(b)

240,000

220,255

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(b)

770,000

692,473

Series

2021-3,

Class

F,

3.69%,

2/26/2029(b)

550,000

477,891

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(b)

625,000

606,075

2,262,511

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-

1A,

Class

C,

6.16%,

8/15/2026(b)

725,000

701,112

Equipment

Loans

&

Leases

0.6%

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(b)

1,126,299

868,424

Other

3.1%

AMSR

Trust

Series

2022-SFR3,

Class

E1,

4.00%,

10/17/2039(b)

490,000

416,121

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

7.85%,

11/15/2036(a)

(b)

775,000

718,568

Progress

Residential

Trust

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(b)

1,020,000

875,203

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(b)

840,000

692,484

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(b)

390,000

322,788

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(b)

570,000

541,644

Tricon

American

Homes

Trust,

Series

2017-

SFR2,

Class

F,

5.10%,

1/17/2036(b)

740,000

719,473

4,286,281

8,379,289

Total

Asset-Backed

Securities

(cost  $10,507,564)

9,457,261

Collateralized

Mortgage

Obligations

14.3%

BERMUDA

4.7%

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

8.16%,

9/25/2031(a)(b)

1,030,000

911,704

Eagle

RE

Ltd.,

Series

2021-2,

Class

M2,

8.56%,

4/25/2034(a)(b)

1,370,000

1,339,225

Home

RE

Ltd.,

Series

2020-1,

Class

B1,

11.51%,

10/25/2030(a)

(b)

160,000

162,920

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

8.86%,

7/25/2029(a)(b)

1,520,000

1,486,314

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

8.71%,

4/25/2034(a)(b)

700,000

604,578

Radnor

RE

Ltd.,

Series

2021-1,

Class

M2,

7.46%,

12/27/2033(a)(b)

1,230,000

1,180,857

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

12.26%,

10/25/2030(a)

(b)

150,000

152,934

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

9.26%,

2/25/2034(a)(b)

440,000

356,660

6,195,192

0

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

9.6%

Connecticut

Avenue

Securities

Trust

Series

2021-R01,

Class

1B2,

10.31%,

10/25/2041(a)(b)

890,000

827,297

Series

2022-R01,

Class

1B2,

10.31%,

12/25/2041(a)(b)

880,000

792,262

Series

2022-R02,

Class

2M2,

7.31%,

1/25/2042(a)(b)

665,000

646,300

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

321,552

221,355

FHLMC

REMICS

Series

4395,

Class

TI,

IO,

4.00%,

5/15/2026

26,757

713

Series

3927,

Class

AI,

IO,

4.50%,

8/15/2026

27,765

266

Series

4097,

Class

CI,

IO,

3.00%,

8/15/2027

179,894

8,145

Series

4123,

Class

DI,

IO,

3.00%,

10/15/2027

477,482

22,820

Series

4244,

Class

AI,

IO,

4.50%,

8/15/2028

48,123

1,324

FHLMC

STACR

REMIC

Trust

Series

2021-HQA1,

Class

B2,

9.31%,

8/25/2033(a)(b)

955,000

775,959

Series

2022-DNA1,

Class

B2,

11.41%,

1/25/2042(a)(b)

950,000

817,208

Series

2020-DNA5,

Class

B2,

15.81%,

10/25/2050(a)(b)

145,000

171,564

Series

2020-DNA6,

Class

B2,

9.96%,

12/25/2050(a)(b)

790,000

735,801

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

15.51%,

10/25/2048(a)(b)

1,090,000

1,221,994

Series

2019-HRP1,

Class

B1,

8.56%,

2/25/2049(a)(b)

1,100,000

1,072,632

Series

2019-DNA3,

Class

B2,

12.66%,

7/25/2049(a)(b)

720,000

745,322

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2020-HQA5,

Class

B2,

11.71%,

11/25/2050(a)(b)

630,000

585,156

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

44,259,898

423,886

FNMA,

Series

2021-R02,

Class

2B2,

10.51%,

11/25/2041(a)(b)

300,000

260,846

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FNMA

REMICS

Series

2012-130,

Class

UI,

IO,

3.00%,

12/25/2027

220,388

9,887

Series

2012-150,

Class

BI,

IO,

3.00%,

1/25/2028

226,300

10,764

Series

2013-5,

Class

YI,

IO,

3.00%,

2/25/2028

232,707

10,023

Series

2009-31,

Class

PI,

IO,

5.00%,

11/25/2038

47,829

3,369

GNMA

REMICS

Series

2013-84,

Class

SC,

IO,

2.14%,

3/16/2040(a)

53,660

2,773

Series

2011-135,

Class

QI,

IO,

4.50%,

6/16/2041

71,058

7,452

Series

2012-140,

Class

IC,

IO,

3.50%,

11/20/2042

106,084

15,105

Series

2016-5,

Class

CS,

IO,

1.66%,

1/20/2046(a)

107,395

9,495

Series

2016-20,

Class

SB,

IO,

1.61%,

2/20/2046(a)

105,586

9,328

Series

2016-17,

Class

JS,

IO,

1.61%,

2/20/2046(a)

85,666

8,000

Series

2016-81,

Class

,

IO,

4.00%,

6/20/2046

63,607

11,801

Series

2016-88,

Class

SM,

IO,

1.61%,

7/20/2046(a)

114,511

13,619

Series

2016-108,

Class

QI,

IO,

4.00%,

8/20/2046

102,782

21,475

Series

2016-118,

Class

DS,

IO,

1.61%,

9/20/2046(a)

135,736

18,921

Series

2016-145,

Class

UI,

IO,

3.50%,

10/20/2046

67,554

12,029

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,217,123

220,637

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

424,758

73,007

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

16,614,683

167,793

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

31,091,125

187,022

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

27,839,394

167,460

14

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

STACR

Trust

Series

2018-HRP2,

Class

B1,

8.71%,

2/25/2047(a)(b)

1,310,000

1,354,032

Series

2018-HRP2,

Class

B2,

15.01%,

2/25/2047(a)(b)

1,380,000

1,471,092

13,135,934

0

Total

Collateralized

Mortgage

Obligations

(cost

$19,786,325)

19,331,126

Commercial

Mortgage-Backed

Securities

7.1%

UNITED

STATES

7.1%

BX

Trust

,

Series

2021-

ARIA,

Class

D,

6.35%,

10/15/2036(a)(b)

1,500,000

1,424,909

Commercial

Mortgage

Trust

,

Series

2015-

CR26,

Class

D,

3.47%,

10/10/2048(a)

1,350,000

1,107,635

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C4,

Class

D,

3.56%,

11/15/2048(a)

250,000

211,356

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

8.06%,

1/25/2051(a)

(b)

700,000

623,446

Series

2021-MN3,

Class

M2,

8.31%,

11/25/2051(a)(b)

815,000

730,272

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

6.56%,

10/15/2036(a)(b)

350,000

322,460

Series

2021-IP,

Class

E,

8.01%,

10/15/2036(a)(b)

150,000

139,183

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

D,

3.23%,

11/10/2049(a)(b)

1,340,000

986,474

Med

Trust

,

Series

2021-

MDLN,

Class

F,

8.46%,

11/15/2038(a)(b)

932,230

876,237

Morgan

Stanley

Capital

I

Trust

,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(b)

820,000

639,873

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-

01,

Class

M10,

7.76%,

10/25/2049(a)(b)

471,520

446,302

SLG

Office

Trust

,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(b)

1,975,000

1,432,975

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

UBS

Commercial

Mortgage

Trust

,

Series

2017-C4,

Class

C,

4.54%,

10/15/2050(a)

810,000

706,529

Total

Commercial

Mortgage-Backed

Securities

(cost

$10,845,317)

9,647,651

Corporate

Bonds

55.7%

AUSTRALIA

0.5%

Banks

0.5%

National

Australia

Bank

Ltd.,

6.43%,

1/12/2033(b)

645,000

670,484

BERMUDA

0.9%

Diversified

Financial

Services

0.7%

Four

Lakes

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.50%),

10.92%,

1/7/2026(b)(c)

250,000

249,425

Mona

Lisa

Re

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

17.07%,

1/8/2026(b)(c)

250,000

249,750

Mystic

Re

IV

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

11.69%),

11.69%,

1/8/2025(b)(c)

250,000

198,750

Mystic

Re

IV

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.25%),

4.75%,

1/8/2026(b)(c)

250,000

249,275

947,200

Insurance

0.2%

Bonanza

RE

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.25%),

12.82%,

1/8/2026(b)(c)

250,000

249,750

1,196,950

BRAZIL

2.7%

Airlines

0.9%

Gol

Finance

SA,

8.00%,

6/30/2026(b)

1,825,000

1,268,375

Electric

Utilities

0.4%

Light

Servicos

de

Eletricidade

SA,

4.38%,

6/18/2026(b)

995,000

572,125

Food

Products

0.7%

Minerva

Luxembourg

SA,

4.38%,

3/18/2031(b)

1,210,000

1,024,882

Oil,

Gas

&

Consumable

Fuels

0.7%

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(b)

1,080,000

942,069

3,807,451

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

CAMEROON

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Golar

LNG

Ltd.,

7.00%,

10/20/2025(b)

346,055

343,806

CANADA

1.8%

Banks

1.0%

Bank

of

Nova

Scotia

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(c)

1,455,000

1,311,231

Multi-Utilities

0.4%

Algonquin

Power

&

Utilities

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(c)

705,000

595,725

Oil,

Gas

&

Consumable

Fuels

0.4%

International

Petroleum

Corp.,

Reg.

S,

7.25%,

2/1/2027(b)

616,000

581,504

2,488,460

CAYMAN

ISLANDS

0.4%

Insurance

0.4%

Residential

Reinsurance

2020

Ltd.,

Series

3,

(3

Month

Treasury

Bill

Rate

+

7.98%),

12.52%,

12/6/2024(b)(c)

250,000

235,800

Vitality

Re

XIII

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

6.55%,

1/6/2026(b)(c)

250,000

236,250

472,050

FINLAND

0.3%

Banks

0.3%

Nordea

Bank

Abp,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

3/01/2029(b)(c)(d)

455,000

359,908

FRANCE

1.9%

Banks

1.4%

Societe

Generale

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(b)(c)

1,400,000

1,390,070

Corporate

Bonds

Principal

Amount

($)

Value

($)

FRANCE

Banks

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(b)(c)

670,000

492,953

1,883,023

Diversified

Telecommunication

Services

0.5%

Altice

France

SA,

5.13%,

7/15/2029(b)

930,000

729,976

2,612,999

GHANA

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

Tullow

Oil

plc,

10.25%,

5/15/2026(b)

855,000

737,438

HONG

KONG

0.1%

Marine

0.1%

Seaspan

Corp.,

5.50%,

8/1/2029(b)

185,000

140,537

IRELAND

0.3%

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC,

3.30%,

1/30/2032

545,000

457,587

ITALY

4.3%

Banks

1.5%

Intesa

Sanpaolo

SpA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

4.40%),

8.25%,

11/21/2033(b)(c)

760,000

831,383

UniCredit

SpA,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(b)(c)

1,260,000

1,171,280

2,002,663

Electric

Utilities

1.8%

Enel

Finance

International

NV

5.00%,

6/15/2032(b)

1,915,000

1,824,731

7.75%,

10/14/2052(b)

505,000

601,168

2,425,899

Household

Durables

0.4%

International

Design

Group

SpA,

6.50%,

11/15/2025(b)

EUR

585,000

587,267

Specialty

Retail

0.6%

Shiba

Bidco

SpA,

4.50%,

10/31/2028(b)

EUR

855,000

796,128

5,811,957

16

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

JAPAN

2.2%

Banks

0.7%

Mizuho

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.40%),

5.67%,

9/13/2033(c)

950,000

981,363

Capital

Markets

1.5%

Nomura

Holdings,

Inc.,

5.61%,

7/6/2029

2,000,000

2,036,882

3,018,245

LUXEMBOURG

0.7%

Biotechnology

0.7%

Cidron

Aida

Finco

Sarl,

5.00%,

4/1/2028(b)

EUR

1,027,000

1,003,569

MEXICO

2.2%

Airlines

0.8%

Grupo

Aeromexico

SAB

de

CV,

8.50%,

3/17/2027(b)

1,210,000

1,095,893

Diversified

Telecommunication

Services

0.4%

Total

Play

Telecomunicaciones

SA

de

CV,

6.38%,

9/20/2028(b)

665,000

562,849

Hotels,

Restaurants

&

Leisure

0.3%

Grupo

Posadas

SAB

de

CV,

2.50%,

12/30/2027(b)(e)

440,606

348,183

Oil,

Gas

&

Consumable

Fuels

0.7%

Petroleos

Mexicanos,

6.70%,

2/16/2032

1,076,000

893,150

2,900,075

NETHERLANDS

1.9%

Banks

0.8%

ING

Groep

NV,

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

4.25%,

5/16/2031(c)(d)(f)

1,510,000

1,138,075

Construction

&

Engineering

1.1%

Promontoria

Holding

264

BV

6.38%,

3/1/2027(b)

EUR

745,000

765,705

7.88%,

3/1/2027(b)

690,000

652,760

1,418,465

2,556,540

PORTUGAL

0.9%

Airlines

0.9%

Transportes

Aereos

Portugueses

SA,

Reg.

S,

5.63%,

12/2/2024

EUR

1,100,000

1,147,922

Corporate

Bonds

Principal

Amount

($)

Value

($)

SINGAPORE

1.0%

Consumer

Finance

0.8%

Avation

Capital

SA,

6.50%,

10/31/2026(b)(g)

1,239,601

1,053,144

Insurance

0.2%

Alamo

Re

II

Pte.

Ltd.,

Series

A,

(T-BILL

1MO

+

5.52%),

10.06%,

6/8/2023(b)(c)

250,000

249,500

1,302,644

SOUTH

AFRICA

0.4%

Metals

&

Mining

0.4%

Anglo

American

Capital

plc,

4.75%,

3/16/2052(b)

580,000

525,807

SPAIN

0.3%

Banks

0.3%

CaixaBank

SA,

(SOFR

+

2.70%),

6.21%,

1/18/2029(b)(c)

465,000

471,690

SWITZERLAND

1.6%

Capital

Markets

0.9%

UBS

Group

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

1/12/2034(b)(c)

1,110,000

1,169,209

Consumer

Finance

0.7%

VistaJet

Malta

Finance

plc

7.88%,

5/1/2027(b)

445,000

431,650

6.38%,

2/1/2030(b)

655,000

577,644

1,009,294

2,178,503

UNITED

ARAB

EMIRATES

0.3%

Energy

Equipment

&

Services

0.3%

Shelf

Drilling

Holdings

Ltd.,

8.25%,

2/15/2025(b)

490,000

463,050

UNITED

KINGDOM

5.3%

Banks

4.3%

Barclays

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

1,025,000

1,111,718

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.00%),

5.75%,

8/9/2033(c)

615,000

619,370

HSBC

Holdings

plc

(SOFR

+

3.35%),

7.39%,

11/3/2028(c)

1,030,000

1,122,815

(SOFR

+

2.87%),

5.40%,

8/11/2033(c)

640,000

639,159

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

Banks

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

4.98%,

8/11/2033(c)

460,000

449,235

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(c)

870,000

993,903

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(c)

1,030,000

819,035

5,755,235

Diversified

Financial

Services

0.2%

Sussex

Capital

UK

Pcc

Ltd.,

(3

Month

Treasury

Bill

Rate

+

8.18%),

12.76%,

1/8/2025(b)(c)

250,000

222,375

Hotels,

Restaurants

&

Leisure

0.3%

Deuce

Finco

plc,

5.50%,

6/15/2027(b)

GBP

370,000

385,451

Oil,

Gas

&

Consumable

Fuels

0.2%

SCC

Power

plc

4.00%,

12/31/2028(b)(g)

720,115

217,163

0.00%,

5/17/2032(b)(g)

390,062

12,698

229,861

Road

&

Rail

0.3%

Ashtead

Capital,

Inc.,

5.50%,

8/11/2032(b)

335,000

336,020

6,928,942

UNITED

STATES

24.9%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The),

5.81%,

5/1/2050

590,000

602,330

Air

Freight

&

Logistics

0.5%

Western

Global

Airlines

LLC,

10.38%,

8/15/2025(b)

880,000

616,000

Airlines

0.5%

American

Airlines,

Inc.,

5.75%,

4/20/2029(b)

190,000

183,772

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

9/20/2025(b)

535,000

548,364

732,136

Auto

Components

0.5%

Dealer

Tire

LLC,

8.00%,

2/1/2028(b)

757,000

697,061

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Automobiles

0.2%

Ford

Motor

Co.,

6.10%,

8/19/2032

210,000

206,063

Banks

3.6%

Comerica

Bank,

(SOFR

+

2.61%),

5.33%,

8/25/2033(c)

550,000

547,056

JPMorgan

Chase

&

Co.,

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

1,010,000

1,006,301

PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)

310,000

312,696

Truist

Financial

Corp.,

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

1,255,000

1,233,114

US

Bancorp

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)(f)

700,000

697,084

(SOFR

+

2.09%),

5.85%,

10/21/2033(c)

1,080,000

1,159,704

4,955,955

Building

Products

0.2%

Fortune

Brands

Innovations,

Inc.,

4.50%,

3/25/2052

185,000

149,341

MIWD

Holdco

II

LLC,

5.50%,

2/1/2030(b)

65,000

54,046

203,387

Capital

Markets

2.6%

Bank

of

New

York

Mellon

Corp.

(The)

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(c)

575,000

622,743

(SOFR

+

1.51%),

4.71%,

2/1/2034(c)

230,000

229,019

Morgan

Stanley

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

715,000

693,421

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(c)

295,000

301,468

Northern

Trust

Corp.,

6.13%,

11/2/2032(f)

1,576,000

1,732,790

3,579,441

Chemicals

1.3%

Albemarle

Corp.

5.05%,

6/1/2032

201,000

198,730

5.65%,

6/1/2052(f)

759,000

760,007

Celanese

US

Holdings

LLC,

6.38%,

7/15/2032

400,000

402,941

18

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Chemicals

Trinseo

Materials

Operating

SCA,

5.13%,

4/1/2029(b)

505,000

363,805

1,725,483

Commercial

Services

&

Supplies

0.7%

Allied

Universal

Holdco

LLC

3.63%,

6/1/2028(b)

EUR

480,000

433,120

4.63%,

6/1/2028(b)

225,000

193,237

6.00%,

6/1/2029(b)

310,000

249,426

875,783

Construction

&

Engineering

0.2%

Artera

Services

LLC,

9.03%,

12/4/2025(b)

374,148

319,882

Consumer

Finance

2.4%

Capital

One

Financial

Corp.,

(SOFR

+

2.60%),

1.00%,

2/1/2034(c)

275,000

277,130

Ford

Motor

Credit

Co.

LLC

7.35%,

3/6/2030

200,000

209,920

3.63%,

6/17/2031

1,500,000

1,247,642

General

Motors

Financial

Co.,

Inc.,

6.40%,

1/9/2033

1,365,000

1,418,936

3,153,628

Diversified

Telecommunication

Services

0.4%

Windstream

Escrow

LLC,

7.75%,

8/15/2028(b)(f)

650,000

526,195

Electric

Utilities

1.0%

Duke

Energy

Corp.,

5.00%,

8/15/2052

1,105,000

1,056,624

Entergy

Louisiana

LLC,

4.75%,

9/15/2052

220,000

212,123

1,268,747

Electrical

Equipment

0.8%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(b)

EUR

610,000

538,912

Regal

Rexnord

Corp.,

6.30%,

2/15/2030(b)(f)

595,000

606,699

1,145,611

Energy

Equipment

&

Services

0.4%

Transocean

Titan

Financing

Ltd.,

8.38%,

2/1/2028(b)(f)

120,000

124,526

Transocean,

Inc.,

8.75%,

2/15/2030(b)

355,000

366,005

490,531

Equity

Real

Estate

Investment

Trusts

(REITs)

1.6%

HAT

Holdings

I

LLC,

3.38%,

6/15/2026(b)

586,000

520,075

Sun

Communities

Operating

LP,

5.70%,

1/15/2033

640,000

651,289

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Equity

Real

Estate

Investment

Trusts

(REITs)

Uniti

Group

LP,

6.00%,

1/15/2030(b)

1,550,000

1,027,406

2,198,770

Food

Products

0.8%

JBS

USA

LUX

SA

5.75%,

4/1/2033(b)

355,000

348,099

6.50%,

12/1/2052(b)

705,000

720,150

1,068,249

Health

Care

Providers

&

Services

0.2%

Elevance

Health,

Inc.,

6.10%,

10/15/2052

275,000

313,008

Hotels,

Restaurants

&

Leisure

0.3%

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(b)

505,000

431,775

Insurance

1.3%

Farmers

Exchange

Capital

III,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(b)(c)

1,070,000

1,009,187

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/2097(b)

420,000

478,637

New

York

Life

Global

Funding,

4.55%,

1/28/2033(b)

380,000

381,072

1,868,896

Machinery

0.2%

Park-Ohio

Industries,

Inc.,

6.63%,

4/15/2027

320,000

235,122

Media

1.3%

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/2029(b)

1,610,000

1,312,150

CSC

Holdings

LLC,

4.63%,

12/1/2030(b)

800,000

473,042

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(b)

322,000

6,440

1,791,632

Metals

&

Mining

0.4%

Coeur

Mining,

Inc.,

5.13%,

2/15/2029(b)

460,000

370,394

TMS

International

Corp.,

6.25%,

4/15/2029(b)(f)

194,000

145,721

516,115

Oil,

Gas

&

Consumable

Fuels

1.6%

Boardwalk

Pipelines

LP,

3.60%,

9/1/2032

185,000

160,852

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(c)(d)

1,698,000

1,551,123

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/2029(b)

587,000

548,625

2,260,600

Professional

Services

0.6%

CoreLogic,

Inc.,

4.50%,

5/1/2028(b)

945,000

751,275

Real

Estate

Management

&

Development

0.3%

Kennedy-Wilson,

Inc.,

4.75%,

2/1/2030

565,000

463,433

Specialty

Retail

0.3%

AutoNation,

Inc.,

3.85%,

3/1/2032

495,000

418,984

Thrifts

&

Mortgage

Finance

0.3%

United

Wholesale

Mortgage

LLC,

5.50%,

4/15/2029(b)

485,000

417,027

33,833,119

Total

Corporate

Bonds

(cost

$82,596,199)

75,429,733

Municipal

Bond

0.5%

ARIZONA

0.5%

Arizona

Industrial

Development

AuthorityRB,

Series

A,3.00%,

2/1/2045

800,000

653,471

Total

Municipal

Bond

(cost

$682,602)

653,471

Foreign

Government

Securities

0.7%

MEXICO

0.4%

United

Mexican

States

5.40%,

2/9/2028

245,000

251,547

6.35%,

2/9/2035

245,000

260,079

511,626

SERBIA

0.3%

Republic

of

Serbia,

2.05%,

9/23/2036

(b)

EUR

600,000

396,775

Total

Foreign

Government

Securities

(cost

$1,173,738)

908,401

Common

Stock

0.1%

Shares

Value

($)

MEXICO

0.1%

Airlines

0.1%

Grupo

Aeromexico

SAB

de

CV

*∞(f)

21,107

179,343

Total

Common

Stock

(cost

$345,000)

179,343

Warrants

0.0%

†

Number

of

Warrants

SINGAPORE

0.0%

†

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026*∞

21,088

0

Total

Warrants

(cost

$0)

0

Loan

Participations

3.5%

Principal

Amount

($)

UNITED

STATES

3.5%

Aerospace

&

Defense

0.3%

Propulsion

(BC)

Newco

LLC,

Term

Loan,

(SOFR

+

4.00%),

8.58%,

9/14/2029

(c)

420,000

415,275

Homefurnishing

Retail

0.5%

Osmosis

Buyer

Ltd.,

Term

Loan

B,

(SOFR

+

4.00%),

7.90%,

7/31/2028

(c)

733,299

717,716

Industrial

Services

0.2%

LaserShip,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.50%),

9.23%,

5/7/2028

(c)

335,750

247,931

Media

0.5%

Radiate

Holdco

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

7.82%,

9/25/2026

(c)

826,650

687,980

Metal

Fabrication/Hardware

0.5%

Grinding

Media,

Inc.

(Molycop

Ltd.),

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.00%),

8.07%,

10/12/2028

(c)

681,375

664,341

Oil

&

Gas

Services

1.3%

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

+

7.25%),

12.10%,

3/4/2025

(c)

1,758,789

1,802,759

20

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Loan

Participations

Principal

Amount

($)

Value

($)

Professional

Services

0.2%

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.25%),

8.82%,

12/15/2028

(c)

275,220

234,592

Total

Loan

Participations

(cost

$5,010,242)

4,770,594

Convertible

Bonds

1.3%

Airlines

0.7%

Air

Canada,

4.00%,

7/1/2025

803,000

1,046,711

Hotels,

Restaurants

&

Leisure

0.5%

DraftKings

Holdings,

Inc.,

0.00%,

3/15/2028

(h)

1,019,000

692,920

Pharmaceuticals

0.1%

Tricida,

Inc.,

3.50%,

5/15/2027

(i)

715,000

100,100

Total

Convertible

Bond

(cost  $2,552,336)

1,839,731

Convertible

Preferred

Stock

0.5%

Banks

0.5%

Wells

Fargo

&

Co.,

7.50%,

518

651,639

Total

Convertible

Preferred

Stock

(cost  $729,065)

651,639

Repurchase

Agreement

3.1%

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$4,162,829,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$4,246,085.

(j)

4,162,333

4,162,333

Total

Repurchase

Agreement

(cost

$4,162,333)

4,162,333

Total

Investments

(cost

$138,390,721)

—

93.8%

127,031,283

Other

assets

in

excess

of

liabilities

—

6.2%

8,431,209

NET

ASSETS

—

100.0%

$

135,462,492

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$78,096,948

which

represents

57.65%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(f)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$4,828,478,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,162,333

and

by

$824,630

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2049,

a

total

value

of

$4,986,963.

(g)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(h)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(i)

Security

in

default.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$4,162,333.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2023

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

39-V1

5.00

Quarterly

12/20/2027

4.32

USD

34,000,000

512,470

(1,615,366)

(1,102,896)

Markit

CDX

North

American

Investment

Grade

Index

Series

39-V1

1.00

Quarterly

12/20/2027

0.72

USD

20,000,000

(54,292)

(217,050)

(271,342)

458,178

(1,832,416)

(1,374,238)

As

of

January

31,

2023,

the

Fund

had

$2,189,354

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

22

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

5,737,556

EUR

5,275,000

JPMorgan

Chase

Bank

2/21/2023

(3,981)

USD

377,856

GBP

307,825

HSBC

Bank,

N.A.

2/21/2023

(1,795)

USD

174,871

MXN

3,497,135

HSBC

Bank,

N.A.

3/29/2023

(9,022)

Total

unrealized

depreciation

(14,798)

Net

unrealized

depreciation

(14,798)

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

50

3/2023

USD

10,282,422

39,509

U.S.

Treasury

5

Year

Note

19

3/2023

USD

2,075,602

(8,850)

U.S.

Treasury

Long

Bond

3

3/2023

USD

389,625

(195)

Total

long

contracts

30,464

Short

Contracts

Euro-Bobl

(9)

3/2023

EUR

(1,147,704)

23,022

Euro-Bund

(22)

3/2023

EUR

(3,272,365)

111,142

U.S.

Treasury

10

Year

Note

(166)

3/2023

USD

(19,009,594)

(83,446)

U.S.

Treasury

10

Year

Ultra

Note

(179)

3/2023

USD

(21,695,359)

(351,755)

U.S.

Treasury

Ultra

Bond

(32)

3/2023

USD

(4,536,000)

(250,831)

USD

10

Year

Interest

Rate

Swap

(27)

3/2023

USD

(2,816,438)

9,827

Total

short

contracts

(542,041)

Net

contracts

(511,577)

As

of

January

31,

2023,

the

Fund

had

$1,233,092

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

9,457,261

$

–

$

9,457,261

Collateralized

Mortgage

Obligations

–

19,331,126

–

19,331,126

Commercial

Mortgage-Backed

Securities

–

9,647,651

–

9,647,651

Common

Stock

–

179,343

–

179,343

Convertible

Bonds

–

1,839,731

–

1,839,731

Convertible

Preferred

Stock

651,639

–

–

651,639

Corporate

Bonds

–

75,429,733

–

75,429,733

Foreign

Government

Securities

–

908,401

–

908,401

Futures

Contracts

183,500

–

–

183,500

Loan

Participations

–

4,770,594

–

4,770,594

24

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Level

1

Level

2

Level

3

Total

Assets:

Municipal

Bond

$

–

$

653,471

$

–

$

653,471

Repurchase

Agreement

–

4,162,333

–

4,162,333

Warrants

–

–

–

–

Total

Assets

$

835,139

$

126,379,644

$

–

$

127,214,783

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(1,832,416)

$

–

$

(1,832,416)

Forward

Foreign

Currency

Contracts

–

(14,798)

–

(14,798)

Futures

Contracts

(695,077)

–

–

(695,077)

Total

Liabilities

$

(695,077)

$

(1,847,214)

$

–

$

(2,542,291)

Total

$

140,062

$

124,532,430

$

–

$

124,672,492

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

26

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

183,500

Total

$

183,500

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,832,416)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(14,798)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(695,077)

Total

$

(2,542,291)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

8.5%

Banks

0.7%

National

Australia

Bank

Ltd.

(a)

50,000

1,126,975

Capital

Markets

0.8%

Macquarie

Group

Ltd.

10,000

1,334,038

Commercial

Services

&

Supplies

0.7%

Brambles

Ltd.

138,000

1,173,379

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Goodman

Group

50,000

714,979

Health

Care

Providers

&

Services

0.6%

Sonic

Healthcare

Ltd.

45,000

1,006,284

Metals

&

Mining

4.5%

BHP

Group

Ltd.

(a)

115,000

4,027,691

Glencore

plc

225,000

1,510,662

Rio

Tinto

plc

27,000

2,110,762

7,649,115

Multiline

Retail

0.8%

Wesfarmers

Ltd.

(a)

40,000

1,411,440

14,416,210

BRAZIL

0.8%

Chemicals

0.3%

Yara

International

ASA

12,000

532,983

Oil,

Gas

&

Consumable

Fuels

0.5%

Petroleo

Brasileiro

SA,

ADR

65,000

754,000

1,286,983

CANADA

1.5%

Chemicals

0.7%

Nutrien

Ltd.

15,000

1,241,667

Oil,

Gas

&

Consumable

Fuels

0.8%

Suncor

Energy,

Inc.

40,000

1,388,298

2,629,965

CHINA

0.7%

Automobiles

0.3%

BYD

Co.

Ltd.

,

Class

H

15,000

472,316

Interactive

Media

&

Services

0.4%

Tencent

Holdings

Ltd.

15,000

731,107

Internet

&

Direct

Marketing

Retail

0.0%

†

Meituan

,

Class

B

Reg.

S

*(b)

1,500

33,418

1,236,841

COLOMBIA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Ecopetrol

SA,

ADR

40,000

455,600

DENMARK

2.6%

Marine

0.8%

AP

Moller

-

Maersk

A/S

,

Class

B

600

1,304,936

Pharmaceuticals

1.8%

Novo

Nordisk

A/S

,

Class

B

23,000

3,185,123

4,490,059

FINLAND

0.5%

Banks

0.5%

Nordea

Bank

Abp

70,000

816,316

Common

Stocks

Shares

Value

($)

FRANCE

11.2%

Banks

0.6%

BNP

Paribas

SA

15,000

1,028,176

Building

Products

0.7%

Cie

de

Saint-Gobain

20,000

1,145,333

Chemicals

1.4%

Air

Liquide

SA

15,000

2,390,457

Insurance

1.1%

AXA

SA

60,000

1,870,407

IT

Services

0.4%

Capgemini

SE

4,000

758,553

Oil,

Gas

&

Consumable

Fuels

1.5%

TotalEnergies

SE

40,000

2,485,092

Personal

Products

1.5%

L'Oreal

SA

6,000

2,478,492

Pharmaceuticals

1.0%

Sanofi

17,500

1,719,667

Textiles,

Apparel

&

Luxury

Goods

3.0%

Hermes

International

900

1,686,688

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,000

3,494,337

5,181,025

19,057,202

GERMANY

7.0%

Air

Freight

&

Logistics

0.8%

Deutsche

Post

AG

(Registered)

33,000

1,413,517

Automobiles

0.8%

Bayerische

Motoren

Werke

AG

13,000

1,316,898

Diversified

Telecommunication

Services

0.7%

Deutsche

Telekom

AG

(Registered)

50,000

1,112,390

Industrial

Conglomerates

1.1%

Siemens

AG

(Registered)

12,000

1,864,388

Insurance

1.4%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

7,000

2,521,123

Pharmaceuticals

1.5%

Bayer

AG

(Registered)

20,000

1,240,543

Merck

KGaA

6,000

1,247,494

2,488,037

Semiconductors

&

Semiconductor

Equipment

0.7%

Infineon

Technologies

AG

32,500

1,162,527

11,878,880

HONG

KONG

1.9%

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

14,000

629,246

Insurance

1.0%

AIA

Group

Ltd.

150,000

1,693,876

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

140,000

894,496

3,217,618

28

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

INDIA

0.6%

IT

Services

0.6%

Infosys

Ltd.,

ADR

50,000

940,000

ISRAEL

0.9%

Banks

0.4%

Bank

Leumi

Le-Israel

BM

80,000

706,533

Software

0.5%

Check

Point

Software

Technologies

Ltd.

*

6,000

763,200

1,469,733

ITALY

3.3%

Automobiles

0.6%

Ferrari

NV

4,000

997,466

Banks

0.9%

UniCredit

SpA

80,000

1,559,031

Electric

Utilities

0.5%

Enel

SpA

150,000

882,902

Electrical

Equipment

0.8%

Prysmian

SpA

35,000

1,426,737

Insurance

0.5%

Assicurazioni

Generali

SpA

40,000

779,678

5,645,814

JAPAN

20.1%

Automobiles

1.5%

Honda

Motor

Co.

Ltd.

35,000

868,131

Suzuki

Motor

Corp.

20,000

753,174

Toyota

Motor

Corp.

60,000

870,518

2,491,823

Banks

1.2%

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

1,467,987

Sumitomo

Mitsui

Financial

Group,

Inc.

15,000

652,714

2,120,701

Beverages

0.6%

Kirin

Holdings

Co.

Ltd.

65,000

1,001,123

Chemicals

0.9%

Shin-Etsu

Chemical

Co.

Ltd.

10,000

1,489,455

Electrical

Equipment

0.6%

Mitsubishi

Electric

Corp.

100,000

1,101,075

Electronic

Equipment,

Instruments

&

Components

0.6%

Murata

Manufacturing

Co.

Ltd.

17,000

976,719

Entertainment

0.8%

Nintendo

Co.

Ltd.

30,000

1,297,437

Health

Care

Equipment

&

Supplies

1.3%

Hoya

Corp.

12,000

1,321,391

Olympus

Corp.

45,000

845,423

2,166,814

Household

Durables

1.3%

Panasonic

Holdings

Corp.

80,000

741,936

Sekisui

Chemical

Co.

Ltd.

40,000

560,087

Sony

Group

Corp.

10,000

892,700

2,194,723

Industrial

Conglomerates

0.6%

Hitachi

Ltd.

20,000

1,050,171

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

0.7%

Dai-ichi

Life

Holdings,

Inc.

50,000

1,173,651

IT

Services

1.2%

Fujitsu

Ltd.

7,000

1,002,476

NEC

Corp.

30,000

1,083,190

2,085,666

Leisure

Products

0.5%

Shimano,

Inc.

5,000

897,431

Personal

Products

0.5%

Kao

Corp.

20,000

815,501

Pharmaceuticals

1.4%

Astellas

Pharma,

Inc.

90,000

1,328,368

Chugai

Pharmaceutical

Co.

Ltd.

40,000

1,037,580

2,365,948

Professional

Services

0.8%

Recruit

Holdings

Co.

Ltd.

43,000

1,380,275

Semiconductors

&

Semiconductor

Equipment

1.8%

Advantest

Corp.

15,000

1,072,464

Renesas

Electronics

Corp.

*

75,000

773,188

Tokyo

Electron

Ltd.

3,500

1,228,222

3,073,874

Specialty

Retail

0.5%

Fast

Retailing

Co.

Ltd.

(a)

1,300

788,885

Technology

Hardware,

Storage

&

Peripherals

0.5%

Canon,

Inc.

40,000

888,263

Tobacco

0.3%

Japan

Tobacco,

Inc.

(a)

25,000

509,002

Trading

Companies

&

Distributors

1.8%

ITOCHU

Corp.

40,000

1,293,147

Mitsubishi

Corp.

35,000

1,171,767

Sumitomo

Corp.

40,000

718,031

3,182,945

Wireless

Telecommunication

Services

0.7%

KDDI

Corp.

37,000

1,156,040

34,207,522

LUXEMBOURG

0.5%

Metals

&

Mining

0.5%

ArcelorMittal

SA

30,000

927,588

NETHERLANDS

4.7%

Food

&

Staples

Retailing

0.9%

Koninklijke

Ahold

Delhaize

NV

50,000

1,490,057

Oil,

Gas

&

Consumable

Fuels

1.0%

Shell

plc

60,000

1,762,335

Professional

Services

1.6%

Randstad

NV

20,000

1,280,805

Wolters

Kluwer

NV

13,000

1,416,828

2,697,633

Semiconductors

&

Semiconductor

Equipment

1.2%

ASML

Holding

NV

(Registered),

NYRS

3,000

1,982,520

7,932,545

NORWAY

1.5%

Banks

0.5%

DNB

Bank

ASA

50,000

934,093

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

NORWAY

Metals

&

Mining

1.0%

Norsk

Hydro

ASA

200,000

1,620,395

2,554,488

PORTUGAL

0.9%

Electric

Utilities

0.4%

EDP

-

Energias

de

Portugal

SA

150,000

745,511

Food

&

Staples

Retailing

0.5%

Jeronimo

Martins

SGPS

SA

40,000

868,058

1,613,569

SINGAPORE

3.0%

Banks

1.6%

DBS

Group

Holdings

Ltd.

65,000

1,779,397

Oversea-Chinese

Banking

Corp.

Ltd.

100,000

986,878

2,766,275

Industrial

Conglomerates

0.4%

Keppel

Corp.

Ltd.

125,000

721,590

Semiconductors

&

Semiconductor

Equipment

1.0%

STMicroelectronics

NV

35,000

1,653,946

5,141,811

SOUTH

AFRICA

1.1%

Metals

&

Mining

1.1%

Anglo

American

plc

45,000

1,939,706

SOUTH

KOREA

1.1%

Banks

0.5%

KB

Financial

Group,

Inc.

20,000

911,272

Technology

Hardware,

Storage

&

Peripherals

0.6%

Samsung

Electronics

Co.

Ltd.

20,000

999,678

1,910,950

SPAIN

2.7%

Banks

0.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

200,000

1,407,629

Electric

Utilities

0.9%

Iberdrola

SA

125,000

1,461,740

Gas

Utilities

0.4%

Naturgy

Energy

Group

SA

25,000

708,281

Specialty

Retail

0.6%

Industria

de

Diseno

Textil

SA

30,000

936,839

4,514,489

SWEDEN

0.5%

Machinery

0.5%

Atlas

Copco

AB

,

Class

B

75,000

789,116

SWITZERLAND

2.4%

Capital

Markets

0.5%

UBS

Group

AG

(Registered)

40,000

851,693

Insurance

0.9%

Zurich

Insurance

Group

AG

3,000

1,483,725

Pharmaceuticals

1.0%

Novartis

AG

(Registered)

20,000

1,808,813

4,144,231

Common

Stocks

Shares

Value

($)

TAIWAN

0.5%

Semiconductors

&

Semiconductor

Equipment

0.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

10,000

927,300

UNITED

KINGDOM

13.2%

Aerospace

&

Defense

1.2%

BAE

Systems

plc

200,000

2,113,704

Banks

1.4%

Barclays

plc

570,000

1,307,220

HSBC

Holdings

plc

150,000

1,105,841

2,413,061

Beverages

1.3%

Diageo

plc

50,000

2,172,381

Capital

Markets

0.7%

3i

Group

plc

60,000

1,169,991

Electric

Utilities

0.4%

SSE

plc

35,000

747,149

Hotels,

Restaurants

&

Leisure

0.8%

Compass

Group

plc

55,000

1,311,305

Household

Products

0.8%

Reckitt

Benckiser

Group

plc

18,000

1,281,812

Industrial

Conglomerates

0.7%

CK

Hutchison

Holdings

Ltd.

200,000

1,276,767

Oil,

Gas

&

Consumable

Fuels

1.4%

BP

plc

400,000

2,420,099

Personal

Products

1.2%

Unilever

plc

40,000

2,043,555

Pharmaceuticals

1.3%

AstraZeneca

plc,

ADR

35,000

2,287,950

Professional

Services

0.9%

RELX

plc

50,000

1,486,078

Textiles,

Apparel

&

Luxury

Goods

1.1%

Burberry

Group

plc

60,000

1,824,932

22,548,784

UNITED

STATES

6.3%

Automobiles

0.6%

Stellantis

NV

65,000

1,019,289

Electrical

Equipment

1.0%

Schneider

Electric

SE

10,000

1,621,573

Food

Products

1.6%

Nestle

SA

(Registered)

23,000

2,806,723

Pharmaceuticals

2.3%

GSK

plc

65,000

1,135,096

Roche

Holding

AG

9,000

2,812,801

3,947,897

Trading

Companies

&

Distributors

0.8%

Ferguson

plc

10,000

1,407,017

10,802,499

Total

Common

Stocks

(cost

$139,271,439)

167,495,819

30

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Exchange

Traded

Fund

0.3%

Shares

Value

($)

UNITED

STATES

0.3%

VanEck

Vietnam

ETF

35,000

451,150

Total

Exchange

Traded

Fund

(cost

$622,056)

451,150

Repurchase

Agreement

0.7%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$1,182,594,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,206,245.(c)

1,182,453

1,182,453

Total

Repurchase

Agreement

(cost

$1,182,453)

1,182,453

Total

Investments

(cost

$141,075,948)

—

99.3%

169,129,422

Other

assets

in

excess

of

liabilities

—

0.7%

1,149,836

NET

ASSETS

—

100.0%

$

170,279,258

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$4,053,815,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,182,453

and

by

$3,141,005

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.38%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$4,323,458.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$33,418

which

represents

0.02%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$1,182,453.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

NYRS

New

York

Registry

Shares

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

32

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

2,113,704

$

–

$

2,113,704

Air

Freight

&

Logistics

–

1,413,517

–

1,413,517

Automobiles

–

6,297,792

–

6,297,792

Banks

–

15,790,062

–

15,790,062

Beverages

–

3,173,504

–

3,173,504

Building

Products

–

1,145,333

–

1,145,333

Capital

Markets

–

3,984,968

–

3,984,968

Chemicals

1,241,667

4,412,895

–

5,654,562

Commercial

Services

&

Supplies

–

1,173,379

–

1,173,379

Diversified

Telecommunication

Services

–

1,112,390

–

1,112,390

Electric

Utilities

–

3,837,302

–

3,837,302

Electrical

Equipment

–

4,149,385

–

4,149,385

Electronic

Equipment,

Instruments

&

Components

–

976,719

–

976,719

Entertainment

–

1,297,437

–

1,297,437

Equity

Real

Estate

Investment

Trusts

(REITs)

–

714,979

–

714,979

Food

&

Staples

Retailing

–

2,358,115

–

2,358,115

Food

Products

–

2,806,723

–

2,806,723

Gas

Utilities

–

708,281

–

708,281

Health

Care

Equipment

&

Supplies

–

2,166,814

–

2,166,814

Health

Care

Providers

&

Services

–

1,006,284

–

1,006,284

Hotels,

Restaurants

&

Leisure

–

1,311,305

–

1,311,305

Household

Durables

–

2,194,723

–

2,194,723

Household

Products

–

1,281,812

–

1,281,812

Industrial

Conglomerates

–

4,912,916

–

4,912,916

Insurance

–

9,522,460

–

9,522,460

Interactive

Media

&

Services

–

731,107

–

731,107

Internet

&

Direct

Marketing

Retail

–

33,418

–

33,418

IT

Services

940,000

2,844,219

–

3,784,219

Leisure

Products

–

897,431

–

897,431

Machinery

–

789,116

–

789,116

Marine

–

1,304,936

–

1,304,936

Metals

&

Mining

–

12,136,804

–

12,136,804

Multiline

Retail

–

1,411,440

–

1,411,440

Oil,

Gas

&

Consumable

Fuels

2,597,898

6,667,526

–

9,265,424

Personal

Products

–

5,337,548

–

5,337,548

Pharmaceuticals

2,287,950

15,515,485

–

17,803,435

Professional

Services

–

5,563,986

–

5,563,986

Real

Estate

Management

&

Development

–

894,496

–

894,496

Semiconductors

&

Semiconductor

Equipment

2,909,820

5,890,347

–

8,800,167

Software

763,200

–

–

763,200

Specialty

Retail

–

1,725,724

–

1,725,724

Technology

Hardware,

Storage

&

Peripherals

–

1,887,941

–

1,887,941

Textiles,

Apparel

&

Luxury

Goods

–

7,005,957

–

7,005,957

Tobacco

–

509,002

–

509,002

Trading

Companies

&

Distributors

–

4,589,962

–

4,589,962

Wireless

Telecommunication

Services

–

1,156,040

–

1,156,040

Total

Common

Stocks

$

10,740,535

$

156,755,284

$

–

$

167,495,819

Exchange

Traded

Fund

451,150

–

–

451,150

Repurchase

Agreement

–

1,182,453

–

1,182,453

Total

$

11,191,685

$

157,937,737

$

–

$

169,129,422

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

98.9%

Shares

Value

($)

BRAZIL

0.8%

Internet

&

Direct

Marketing

Retail

0.8%

MercadoLibre,

Inc.

*

359

424,227

CANADA

2.1%

Road

&

Rail

2.1%

Canadian

Pacific

Railway

Ltd.

13,147

1,037,298

CHINA

1.0%

Automobiles

0.5%

Li

Auto,

Inc.,

ADR

*

9,454

235,405

Chemicals

0.0%

†

Tianhe

Chemicals

Group

Ltd.

*^∞

2,702,000

0

Internet

&

Direct

Marketing

Retail

0.5%

Meituan

,

Class

B

Reg.

S

*(a)

11,580

257,987

493,392

DENMARK

1.0%

Biotechnology

1.0%

Genmab

A/S

*

1,275

498,742

FINLAND

1.4%

Machinery

1.4%

Metso

Outotec

OYJ

63,042

722,418

FRANCE

5.6%

Auto

Components

1.1%

Cie

Generale

des

Etablissements

Michelin

SCA

18,024

571,997

Banks

1.2%

Societe

Generale

SA

19,686

585,181

Food

Products

1.0%

Danone

SA

9,379

513,269

Insurance

2.3%

AXA

SA

35,847

1,117,475

2,787,922

GERMANY

1.2%

Machinery

1.2%

Knorr-Bremse

AG

8,913

583,447

INDIA

1.3%

Banks

1.3%

Axis

Bank

Ltd.,

GDR

Reg.

S

12,548

669,174

INDONESIA

0.7%

Banks

0.7%

Bank

Mandiri

Persero

Tbk.

PT

503,300

334,728

ITALY

1.1%

Electrical

Equipment

1.1%

Prysmian

SpA

12,955

528,096

JAPAN

5.3%

Banks

0.6%

Mitsubishi

UFJ

Financial

Group,

Inc.

42,500

311,947

Diversified

Telecommunication

Services

0.7%

Nippon

Telegraph

&

Telephone

Corp.

11,500

344,360

Household

Durables

1.6%

Sony

Group

Corp.

8,900

794,504

Common

Stocks

Shares

Value

($)

JAPAN

Professional

Services

1.0%

TechnoPro

Holdings,

Inc.

16,114

501,143

Wireless

Telecommunication

Services

1.4%

SoftBank

Group

Corp.

14,400

686,355

2,638,309

NETHERLANDS

1.4%

Health

Care

Equipment

&

Supplies

1.4%

Koninklijke

Philips

NV

40,403

699,959

NORWAY

3.1%

Metals

&

Mining

1.1%

Norsk

Hydro

ASA

69,169

560,405

Oil,

Gas

&

Consumable

Fuels

2.0%

Equinor

ASA

33,056

1,004,210

1,564,615

SWITZERLAND

0.9%

Health

Care

Equipment

&

Supplies

0.9%

Alcon,

Inc.

5,860

441,858

UNITED

KINGDOM

11.1%

Capital

Markets

1.8%

London

Stock

Exchange

Group

plc

9,931

909,866

Chemicals

2.5%

Linde

plc

3,761

1,244,666

Electronic

Equipment,

Instruments

&

Components

1.2%

Spectris

plc

14,758

584,873

Personal

Products

1.4%

Unilever

plc

14,169

718,445

Pharmaceuticals

1.5%

AstraZeneca

plc

5,720

748,395

Software

1.2%

Sage

Group

plc

(The)

64,719

620,829

Trading

Companies

&

Distributors

1.5%

Ashtead

Group

plc

11,320

745,241

5,572,315

UNITED

STATES

60.9%

Auto

Components

1.6%

Aptiv

plc

*

7,165

810,290

Automobiles

0.2%

Rivian

Automotive,

Inc.

,

Class

A

*

4,322

83,847

Banks

2.2%

SVB

Financial

Group

*

1,129

341,455

Wells

Fargo

&

Co.

16,365

767,027

1,108,482

Biotechnology

3.2%

AbbVie,

Inc.

5,506

813,512

Vertex

Pharmaceuticals,

Inc.

*

2,514

812,273

1,625,785

Capital

Markets

2.4%

Ameriprise

Financial,

Inc.

3,407

1,192,859

Chemicals

1.3%

Ecolab,

Inc.

4,216

652,763

34

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Commercial

Services

&

Supplies

2.4%

Montrose

Environmental

Group,

Inc.

*

12,774

691,840

MSA

Safety,

Inc.

3,778

515,281

1,207,121

Consumer

Finance

0.9%

SLM

Corp.

24,598

432,187

Electrical

Equipment

1.7%

Regal

Rexnord

Corp.

2,778

386,698

Shoals

Technologies

Group,

Inc.

,

Class

A

*

15,752

439,323

826,021

Electronic

Equipment,

Instruments

&

Components

0.9%

Zebra

Technologies

Corp.

,

Class

A

*

1,486

469,843

Entertainment

2.5%

Electronic

Arts,

Inc.

4,764

613,032

Netflix,

Inc.

*

1,794

634,824

1,247,856

Food

&

Staples

Retailing

1.4%

Costco

Wholesale

Corp.

1,351

690,550

Health

Care

Providers

&

Services

3.7%

Laboratory

Corp.

of

America

Holdings

2,659

670,387

UnitedHealth

Group,

Inc.

2,397

1,196,559

1,866,946

Hotels,

Restaurants

&

Leisure

2.0%

Starbucks

Corp.

7,374

804,799

Sweetgreen,

Inc.

,

Class

A

*(b)

19,428

201,468

1,006,267

Insurance

1.8%

Marsh

&

McLennan

Cos.,

Inc.

5,038

881,197

IT

Services

6.9%

Akamai

Technologies,

Inc.

*

11,536

1,026,127

Fidelity

National

Information

Services,

Inc.

7,927

594,842

Okta,

Inc.

*

3,600

264,996

Snowflake,

Inc.

,

Class

A

*

1,586

248,114

Visa,

Inc.

,

Class

A

(b)

5,837

1,343,736

3,477,815

Leisure

Products

0.8%

Brunswick

Corp.

4,496

379,148

Life

Sciences

Tools

&

Services

1.2%

Bio-Rad

Laboratories,

Inc.

,

Class

A

*

1,299

607,231

Machinery

1.9%

Ingersoll

Rand,

Inc.

16,762

938,672

Oil,

Gas

&

Consumable

Fuels

2.4%

Hess

Corp.

7,939

1,192,120

Pharmaceuticals

1.8%

Eli

Lilly

&

Co.

2,602

895,478

Semiconductors

&

Semiconductor

Equipment

4.5%

Advanced

Micro

Devices,

Inc.

*

5,545

416,707

Micron

Technology,

Inc.

8,710

525,213

MKS

Instruments,

Inc.

2,897

296,421

ON

Semiconductor

Corp.

*(b)

4,476

328,762

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

Universal

Display

Corp.

5,195

688,493

2,255,596

Software

10.8%

Adobe,

Inc.

*

2,729

1,010,658

Cadence

Design

Systems,

Inc.

*

3,707

677,751

Microsoft

Corp.

7,436

1,842,714

Salesforce,

Inc.

*

3,145

528,266

Splunk,

Inc.

*

4,058

388,635

VMware,

Inc.

,

Class

A

*

8,071

988,455

5,436,479

Specialty

Retail

2.4%

TJX

Cos.,

Inc.

(The)

14,887

1,218,650

30,503,203

Total

Common

Stocks

(cost

$38,393,363)

49,499,703

Repurchase

Agreement

0.3%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$146,439,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$149,367.(c)

146,421

146,421

Total

Repurchase

Agreement

(cost

$146,421)

146,421

Total

Investments

(cost

$38,539,784)

—

99.2%

49,646,124

Other

assets

in

excess

of

liabilities

—

0.8%

408,830

NET

ASSETS

—

100.0%

$

50,054,954

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

r

estricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$257,987

which

represents

0.52%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$1,810,626,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$146,421

and

by

$1,678,052

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/23/2023

–

5/15/2052,

a

total

value

of

$1,824,473.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$146,421.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

36

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Auto

Components

$

810,290

$

571,997

$

–

$

1,382,287

Automobiles

319,252

–

–

319,252

Banks

1,108,482

1,901,030

–

3,009,512

Biotechnology

1,625,785

498,742

–

2,124,527

Capital

Markets

1,192,859

909,866

–

2,102,725

Chemicals

1,897,429

–

–

1,897,429

Commercial

Services

&

Supplies

1,207,121

–

–

1,207,121

Consumer

Finance

432,187

–

–

432,187

Diversified

Telecommunication

Services

–

344,360

–

344,360

Electrical

Equipment

826,021

528,096

–

1,354,117

Electronic

Equipment,

Instruments

&

Components

469,843

584,873

–

1,054,716

Entertainment

1,247,856

–

–

1,247,856

Food

&

Staples

Retailing

690,550

–

–

690,550

Food

Products

–

513,269

–

513,269

Health

Care

Equipment

&

Supplies

–

1,141,817

–

1,141,817

Health

Care

Providers

&

Services

1,866,946

–

–

1,866,946

Hotels,

Restaurants

&

Leisure

1,006,267

–

–

1,006,267

Household

Durables

–

794,504

–

794,504

Insurance

881,197

1,117,475

–

1,998,672

Internet

&

Direct

Marketing

Retail

424,227

257,987

–

682,214

IT

Services

3,477,815

–

–

3,477,815

Leisure

Products

379,148

–

–

379,148

Life

Sciences

Tools

&

Services

607,231

–

–

607,231

Machinery

938,672

1,305,865

–

2,244,537

Metals

&

Mining

–

560,405

–

560,405

Oil,

Gas

&

Consumable

Fuels

1,192,120

1,004,210

–

2,196,330

Personal

Products

–

718,445

–

718,445

Pharmaceuticals

895,478

748,395

–

1,643,873

Professional

Services

–

501,143

–

501,143

Road

&

Rail

1,037,298

–

–

1,037,298

Semiconductors

&

Semiconductor

Equipment

2,255,596

–

–

2,255,596

Software

5,436,479

620,829

–

6,057,308

Specialty

Retail

1,218,650

–

–

1,218,650

Trading

Companies

&

Distributors

–

745,241

–

745,241

Wireless

Telecommunication

Services

–

686,355

–

686,355

Total

Common

Stocks

$

33,444,799

$

16,054,904

$

–

$

49,499,703

Repurchase

Agreement

–

146,421

–

146,421

Total

$

33,444,799

$

16,201,325

$

–

$

49,646,124

As

of

January

31,

2023,

the

fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

38

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

97.2%

Shares

Value

($)

AUSTRALIA

7.6%

Chemicals

0.3%

Nufarm

Ltd.

411,294

1,736,924

Construction

Materials

0.1%

CSR

Ltd.

(a)

143,457

536,367

Consumer

Finance

0.4%

Credit

Corp.

Group

Ltd.

(a)

158,353

2,451,446

Containers

&

Packaging

0.4%

Orora

Ltd.

1,079,468

2,281,587

Distributors

0.2%

Bapcor

Ltd.

220,255

996,232

Diversified

Financial

Services

0.4%

Omni

Bridgeway

Ltd.

*(a)

807,211

2,319,434

Equity

Real

Estate

Investment

Trusts

(REITs)

1.3%

Charter

Hall

Group

505,690

4,980,275

Vicinity

Ltd.

2,382,495

3,479,945

8,460,220

Food

&

Staples

Retailing

0.3%

GrainCorp

Ltd.

,

Class

A

76,202

409,270

Metcash

Ltd.

(a)

516,941

1,531,302

1,940,572

Food

Products

0.2%

Elders

Ltd.

156,766

1,077,839

Hotels,

Restaurants

&

Leisure

0.1%

Flight

Centre

Travel

Group

Ltd.

*∞(a)

52,415

585,665

Household

Durables

0.2%

Breville

Group

Ltd.

(a)

66,600

1,073,932

Internet

&

Direct

Marketing

Retail

0.1%

Temple

&

Webster

Group

Ltd.

*(a)

210,300

856,576

IT

Services

0.4%

Tyro

Payments

Ltd.

*(a)

2,612,307

2,762,305

Metals

&

Mining

1.8%

Bellevue

Gold

Ltd.

*

2,485,081

2,111,222

IGO

Ltd.

245,382

2,564,332

Mineral

Resources

Ltd.

45,180

2,865,018

OZ

Minerals

Ltd.

69,387

1,375,029

Pilbara

Minerals

Ltd.

*

813,833

2,765,126

11,680,727

Oil,

Gas

&

Consumable

Fuels

0.4%

Whitehaven

Coal

Ltd.

463,206

2,767,566

Software

0.1%

SiteMinder

Ltd.

*

199,626

534,190

Specialty

Retail

0.3%

Lovisa

Holdings

Ltd.

(a)

43,239

811,967

Nick

Scali

Ltd.

113,600

967,194

1,779,161

Thrifts

&

Mortgage

Finance

0.4%

Liberty

Financial

Group

Ltd.

Reg.

S

803,805

2,255,432

Trading

Companies

&

Distributors

0.2%

Seven

Group

Holdings

Ltd.

(a)

92,823

1,494,126

Common

Stocks

Shares

Value

($)

AUSTRALIA

Transportation

Infrastructure

0.0%

†

Atlas

Arteria

Ltd.

51,171

249,497

47,839,798

AUSTRIA

2.3%

Banks

1.5%

Addiko

Bank

AG

*

182,980

2,383,934

BAWAG

Group

AG

Reg.

S

(b)

112,780

6,973,154

9,357,088

Construction

Materials

0.2%

Wienerberger

AG

39,071

1,173,046

Machinery

0.6%

ANDRITZ

AG

67,450

4,030,191

14,560,325

BELGIUM

0.6%

Banks

0.6%

KBC

Ancora

73,788

3,614,674

BRAZIL

2.9%

IT

Services

0.4%

Locaweb

Servicos

de

Internet

SA

Reg.

S

*(b)

1,983,200

2,504,248

Road

&

Rail

0.4%

Rumo

SA

770,100

2,788,338

Software

1.0%

TOTVS

SA

997,700

5,909,981

Water

Utilities

0.4%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

247,900

2,718,144

Wireless

Telecommunication

Services

0.7%

TIM

SA

1,731,300

4,021,044

17,941,755

BURKINA

FASO

0.5%

Metals

&

Mining

0.5%

Endeavour

Mining

plc

(a)

121,486

2,862,415

CANADA

3.8%

Chemicals

0.3%

EcoSynthetix,

Inc.

*(a)

593,107

1,600,281

Entertainment

0.2%

Boat

Rocker

Media,

Inc.

*

667,303

1,359,131

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Boardwalk

REIT

111,568

4,714,105

IT

Services

0.6%

Nuvei

Corp.

Reg.

S

*

105,309

3,720,567

Oil,

Gas

&

Consumable

Fuels

0.8%

MEG

Energy

Corp.

*(a)

163,344

2,699,586

Parex

Resources,

Inc.

163,945

2,790,841

5,490,427

Real

Estate

Management

&

Development

0.5%

Colliers

International

Group,

Inc.

(a)

26,455

2,837,866

Software

0.7%

Lightspeed

Commerce,

Inc.

*(a)

244,088

4,416,933

24,139,310

Nationwide

International

Small

Cap

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

CHINA

1.9%

Auto

Components

0.2%

Minth

Group

Ltd.

403,677

1,180,593

Automobiles

0.0%

†

Niu

Technologies,

ADR

*

56,869

306,524

Gas

Utilities

0.5%

Beijing

Enterprises

Holdings

Ltd.

828,500

2,810,509

Independent

Power

and

Renewable

Electricity

Producers

0.3%

China

Datang

Corp.

Renewable

Power

Co.

Ltd.

,

Class

H

(a)

5,452,000

1,800,918

IT

Services

0.3%

Vnet

Group,

Inc.,

ADR

*

271,781

1,598,072

Machinery

0.3%

Airtac

International

Group

62,432

2,141,188

Real

Estate

Management

&

Development

0.2%

Country

Garden

Services

Holdings

Co.

Ltd.

545,000

1,474,848

Software

0.1%

Kingdee

International

Software

Group

Co.

Ltd.

*

250,700

546,068

11,858,720

DENMARK

0.9%

Beverages

0.3%

Royal

Unibrew

A/S

22,740

1,594,449

Biotechnology

0.6%

Ascendis

Pharma

A/S,

ADR

*

18,311

2,272,029

Zealand

Pharma

A/S

*

60,523

1,884,331

4,156,360

5,750,809

EGYPT

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Energean

plc

129,464

1,866,184

FINLAND

0.7%

Auto

Components

0.1%

Nokian

Renkaat

OYJ

60,207

721,397

Chemicals

0.4%

Kemira

OYJ

146,366

2,377,177

Machinery

0.2%

Wartsila

OYJ

Abp

120,957

1,150,296

4,248,870

FRANCE

4.0%

Capital

Markets

0.3%

Rothschild

&

Co.

51,902

2,190,539

Construction

Materials

0.2%

Imerys

SA

15,472

641,813

Vicat

SA

29,892

835,094

1,476,907

Energy

Equipment

&

Services

0.2%

Vallourec

SA

*

77,579

1,130,612

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

ICADE

65,537

3,118,639

Common

Stocks

Shares

Value

($)

FRANCE

Gas

Utilities

0.4%

Rubis

SCA

92,855

2,595,422

Household

Durables

0.4%

Kaufman

&

Broad

SA

85,489

2,685,081

Media

1.3%

JCDecaux

SE

*

343,717

7,771,892

Oil,

Gas

&

Consumable

Fuels

0.2%

Gaztransport

Et

Technigaz

SA

9,399

1,037,584

Road

&

Rail

0.5%

ALD

SA

Reg.

S

(b)

259,838

3,267,817

25,274,493

GERMANY

3.2%

Aerospace

&

Defense

1.1%

Hensoldt

AG

222,282

6,431,650

Biotechnology

0.1%

Immatics

NV

*

110,321

894,703

Diversified

Financial

Services

0.2%

Hypoport

SE

*(a)

10,828

1,470,605

Electronic

Equipment,

Instruments

&

Components

0.7%

Jenoptik

AG

136,620

4,228,633

Life

Sciences

Tools

&

Services

0.2%

Evotec

SE

*

71,180

1,392,973

Machinery

0.2%

KION

Group

AG

31,786

1,272,651

Professional

Services

0.3%

Bertrandt

AG

36,137

1,770,099

Semiconductors

&

Semiconductor

Equipment

0.4%

AIXTRON

SE

89,670

2,657,457

20,118,771

HONG

KONG

2.0%

Banks

0.7%

Dah

Sing

Financial

Holdings

Ltd.

1,642,671

4,346,902

Food

Products

0.1%

Vitasoy

International

Holdings

Ltd.

(a)

282,693

600,637

Hotels,

Restaurants

&

Leisure

0.8%

Mandarin

Oriental

International

Ltd.

*

569,700

1,070,799

Melco

Resorts

&

Entertainment

Ltd.,

ADR

*

268,814

3,672,000

4,742,799

Specialty

Retail

0.3%

Luk

Fook

Holdings

International

Ltd.

79,000

274,252

Pou

Sheng

International

Holdings

Ltd.

14,560,150

1,745,423

2,019,675

Textiles,

Apparel

&

Luxury

Goods

0.1%

Chow

Sang

Sang

Holdings

International

Ltd.

360,000

549,498

12,259,511

40

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

HUNGARY

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

MOL

Hungarian

Oil

&

Gas

plc

44,866

335,428

INDIA

0.2%

Hotels,

Restaurants

&

Leisure

0.1%

MakeMyTrip

Ltd.

*

31,516

913,334

Internet

&

Direct

Marketing

Retail

0.1%

Zomato

Ltd.

*

905,263

553,763

1,467,097

IRELAND

0.8%

Banks

0.8%

AIB

Group

plc

1,142,763

4,782,359

ISRAEL

0.8%

IT

Services

0.3%

Wix.com

Ltd.

*(a)

24,597

2,139,447

Real

Estate

Management

&

Development

0.5%

Melisron

Ltd.

42,805

2,992,378

5,131,825

ITALY

3.7%

Banks

0.5%

Banco

BPM

SpA

706,639

3,175,210

Capital

Markets

0.3%

Banca

Generali

SpA

44,976

1,656,066

Construction

Materials

0.2%

Buzzi

Unicem

SpA

58,243

1,312,380

Diversified

Financial

Services

0.7%

BFF

Bank

SpA

Reg.

S

(b)

472,769

4,366,415

Gas

Utilities

0.6%

Italgas

SpA

596,862

3,488,822

Life

Sciences

Tools

&

Services

0.6%

Stevanato

Group

SpA

203,113

3,997,264

Textiles,

Apparel

&

Luxury

Goods

0.8%

OVS

SpA

Reg.

S

(b)

1,408,672

3,385,079

Salvatore

Ferragamo

SpA

101,805

2,017,675

5,402,754

23,398,911

JAPAN

26.7%

Air

Freight

&

Logistics

0.1%

Yamato

Holdings

Co.

Ltd.

18,100

316,161

Auto

Components

0.3%

Ichikoh

Industries

Ltd.

36,100

108,015

Koito

Manufacturing

Co.

Ltd.

13,400

226,335

Musashi

Seimitsu

Industry

Co.

Ltd.

114,200

1,571,321

1,905,671

Automobiles

0.3%

Yamaha

Motor

Co.

Ltd.

75,530

1,858,254

Banks

1.6%

Bank

of

Kyoto

Ltd.

(The)

98,616

4,589,396

Fukuoka

Financial

Group,

Inc.

207,300

4,775,877

Shiga

Bank

Ltd.

(The)

33,316

692,995

10,058,268

Building

Products

0.1%

Sekisui

Jushi

Corp.

38,400

583,373

Common

Stocks

Shares

Value

($)

JAPAN

Capital

Markets

0.2%

Ichiyoshi

Securities

Co.

Ltd.

302,870

1,447,326

Chemicals

2.1%

Air

Water,

Inc.

100,500

1,227,440

Daicel

Corp.

78,400

578,634

Denka

Co.

Ltd.

22,400

464,677

JSR

Corp.

93,582

2,108,211

Kansai

Paint

Co.

Ltd.

70,300

990,382

Lintec

Corp.

32,100

555,168

Mitsubishi

Gas

Chemical

Co.,

Inc.

56,100

818,266

Nippon

Shokubai

Co.

Ltd.

14,400

608,577

NOF

Corp.

29,700

1,264,146

Resonac

Holdings

Corp.

60,100

1,025,058

Shin-Etsu

Polymer

Co.

Ltd.

85,400

848,567

Teijin

Ltd.

61,000

626,163

Tokyo

Ohka

Kogyo

Co.

Ltd.

(a)

42,400

2,084,705

13,199,994

Commercial

Services

&

Supplies

0.5%

Park24

Co.

Ltd.

*

178,400

3,023,662

Construction

&

Engineering

1.1%

COMSYS

Holdings

Corp.

58,600

1,119,415

EXEO

Group,

Inc.

62,300

1,132,317

JGC

Holdings

Corp.

87,200

1,139,068

Kumagai

Gumi

Co.

Ltd.

30,700

630,459

Kyudenko

Corp.

31,800

823,862

MIRAIT

ONE

Corp.

55,800

680,475

SHO-BOND

Holdings

Co.

Ltd.

17,300

736,197

Toyo

Construction

Co.

Ltd.

60,600

398,276

Yokogawa

Bridge

Holdings

Corp.

35,600

549,417

7,209,486

Containers

&

Packaging

0.3%

FP

Corp.

67,800

1,842,750

Diversified

Financial

Services

0.3%

Tokyo

Century

Corp.

46,100

1,618,964

Diversified

Telecommunication

Services

0.2%

JTOWER,

Inc.

*(a)

22,200

1,064,339

Electric

Utilities

0.6%

Kyushu

Electric

Power

Co.,

Inc.

705,600

4,060,332

Electronic

Equipment,

Instruments

&

Components

0.4%

Ibiden

Co.

Ltd.

60,700

2,374,443

Entertainment

0.2%

Square

Enix

Holdings

Co.

Ltd.

25,385

1,199,306

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Frontier

Real

Estate

Investment

Corp.

903

3,481,534

LaSalle

Logiport

REIT

2,543

3,082,343

6,563,877

Food

Products

1.6%

Calbee,

Inc.

452,700

10,213,762

Health

Care

Equipment

&

Supplies

0.8%

Asahi

Intecc

Co.

Ltd.

174,400

3,057,117

Mani,

Inc.

150,300

2,197,873

5,254,990

Hotels,

Restaurants

&

Leisure

1.4%

Food

&

Life

Cos.

Ltd.

224,500

4,998,773

Nationwide

International

Small

Cap

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

JAPAN

Hotels,

Restaurants

&

Leisure

Kyoritsu

Maintenance

Co.

Ltd.

85,600

3,902,927

8,901,700

Household

Durables

0.5%

Nikon

Corp.

316,100

3,128,179

Household

Products

0.4%

Pigeon

Corp.

167,800

2,666,993

Internet

&

Direct

Marketing

Retail

0.1%

Istyle,

Inc.

*

217,100

823,839

IT

Services

0.6%

Comture

Corp.

31,012

595,897

GMO

Financial

Gate,

Inc.

9,340

595,215

NET

One

Systems

Co.

Ltd.

56,740

1,535,236

Simplex

Holdings,

Inc.

52,560

921,527

3,647,875

Leisure

Products

0.4%

Universal

Entertainment

Corp.

*

141,700

2,690,099

Machinery

2.5%

Amada

Co.

Ltd.

195,700

1,757,792

Ebara

Corp.

38,200

1,619,198

Fuji

Corp.

75,200

1,250,473

Giken

Ltd.

(a)

18,500

421,893

Hino

Motors

Ltd.

*

146,700

627,490

IHI

Corp.

59,200

1,805,059

Japan

Steel

Works

Ltd.

(The)

21,500

457,521

Kawasaki

Heavy

Industries

Ltd.

73,000

1,666,773

Max

Co.

Ltd.

43,600

681,598

Miura

Co.

Ltd.

35,900

896,840

Nabtesco

Corp.

50,900

1,493,300

NSK

Ltd.

117,200

659,085

Shibaura

Machine

Co.

Ltd.

19,000

416,154

Sumitomo

Heavy

Industries

Ltd.

60,000

1,333,093

THK

Co.

Ltd.

62,200

1,317,612

16,403,881

Media

0.9%

Hakuhodo

DY

Holdings,

Inc.

542,654

5,871,934

Multiline

Retail

0.4%

Seria

Co.

Ltd.

101,100

2,223,086

Personal

Products

0.9%

Mandom

Corp.

221,000

2,511,578

Pola

Orbis

Holdings,

Inc.

219,800

3,169,264

5,680,842

Professional

Services

1.1%

BayCurrent

Consulting,

Inc.

22,030

936,805

dip

Corp.

67,300

1,987,285

TechnoPro

Holdings,

Inc.

120,900

3,759,971

6,684,061

Real

Estate

Management

&

Development

1.3%

Heiwa

Real

Estate

Co.

Ltd.

52,300

1,496,781

SRE

Holdings

Corp.

*

103,400

3,279,404

Tokyo

Tatemono

Co.

Ltd.

256,600

3,177,481

7,953,666

Road

&

Rail

1.1%

Fukuyama

Transporting

Co.

Ltd.

130,500

3,372,657

Seino

Holdings

Co.

Ltd.

373,700

3,729,508

7,102,165

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

0.5%

Ulvac,

Inc.

66,700

3,114,838

Software

0.2%

Sansan,

Inc.

*

89,008

1,104,682

Specialty

Retail

0.6%

JINS

Holdings,

Inc.

118,800

3,579,896

Textiles,

Apparel

&

Luxury

Goods

1.0%

Asics

Corp.

107,400

2,560,305

Descente

Ltd.

136,700

3,788,402

6,348,707

Trading

Companies

&

Distributors

0.6%

Inaba

Denki

Sangyo

Co.

Ltd.

52,700

1,144,704

Sojitz

Corp.

104,080

2,062,861

Yamazen

Corp.

77,600

635,450

3,843,015

Transportation

Infrastructure

0.5%

Japan

Airport

Terminal

Co.

Ltd.

*

58,500

3,041,073

168,605,489

JERSEY

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Ithaca

Energy

plc

*

778,433

1,812,770

MEXICO

0.4%

Real

Estate

Management

&

Development

0.4%

Corp.

Inmobiliaria

Vesta

SAB

de

CV

900,900

2,461,023

NETHERLANDS

1.9%

Biotechnology

0.4%

Merus

NV

*(a)

152,157

2,373,649

Chemicals

0.2%

Corbion

NV

32,260

1,242,440

Hotels,

Restaurants

&

Leisure

0.2%

DP

Eurasia

NV

Reg.

S

*(b)

2,157,390

1,487,032

Oil,

Gas

&

Consumable

Fuels

0.1%

Koninklijke

Vopak

NV

21,877

660,014

Semiconductors

&

Semiconductor

Equipment

1.0%

BE

Semiconductor

Industries

NV

87,633

6,253,975

12,017,110

NEW

ZEALAND

0.2%

Building

Products

0.2%

Fletcher

Building

Ltd.

364,814

1,200,103

SINGAPORE

1.6%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

CapitaLand

Ascott

Trust

3,305,400

2,801,927

Real

Estate

Management

&

Development

0.5%

UOL

Group

Ltd.

588,200

3,143,583

Road

&

Rail

0.1%

ComfortDelGro

Corp.

Ltd.

847,500

776,685

Transportation

Infrastructure

0.6%

SATS

Ltd.

*

1,445,600

3,339,331

10,061,526

42

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

SLOVENIA

0.1%

Banks

0.1%

Nova

Ljubljanska

Banka

dd,

GDR

Reg.

S

31,839

470,114

SOUTH

AFRICA

0.8%

Insurance

0.3%

Discovery

Ltd.

*

267,102

2,114,749

Oil,

Gas

&

Consumable

Fuels

0.5%

Thungela

Resources

Ltd.

230,465

2,998,704

5,113,453

SOUTH

KOREA

0.2%

Auto

Components

0.2%

SNT

Motiv

Co.

Ltd.

20,108

748,660

Entertainment

0.0%

†

NCSoft

Corp.

*

751

279,487

1,028,147

SPAIN

0.8%

Banks

0.2%

Banco

de

Sabadell

SA

734,230

957,279

Bankinter

SA

67,411

485,234

1,442,513

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Arima

Real

Estate

SOCIMI

SA

*

71,868

569,009

Pharmaceuticals

0.5%

Almirall

SA

289,475

2,913,833

4,925,355

SWEDEN

3.2%

Containers

&

Packaging

0.4%

Billerud

AB

240,674

2,792,894

Health

Care

Equipment

&

Supplies

0.5%

Cellavision

AB

59,080

1,394,239

Surgical

Science

Sweden

AB

*(a)

118,608

1,673,420

3,067,659

Machinery

1.4%

Trelleborg

AB

,

Class

B

336,174

8,408,026

Metals

&

Mining

0.4%

SSAB

AB

,

Class

A

395,234

2,815,780

Real

Estate

Management

&

Development

0.5%

Hufvudstaden

AB

,

Class

A

(a)

216,004

3,257,906

20,342,265

SWITZERLAND

2.9%

Life

Sciences

Tools

&

Services

1.7%

Siegfried

Holding

AG

(Registered)

*

6,349

4,664,335

Tecan

Group

AG

(Registered)

15,624

6,565,401

11,229,736

Real

Estate

Management

&

Development

0.7%

PSP

Swiss

Property

AG

(Registered)

33,199

4,142,192

Specialty

Retail

0.5%

Dufry

AG

(Registered)

*

68,850

3,161,042

18,532,970

Common

Stocks

Shares

Value

($)

TAIWAN

0.6%

Electronic

Equipment,

Instruments

&

Components

0.2%

Chroma

ATE,

Inc.

247,209

1,529,002

Semiconductors

&

Semiconductor

Equipment

0.4%

Nanya

Technology

Corp.

1,223,000

2,377,144

3,906,146

UNITED

ARAB

EMIRATES

0.9%

IT

Services

0.9%

Network

International

Holdings

plc

Reg.

S

*(b)

1,748,465

5,669,065

UNITED

KINGDOM

20.1%

Airlines

0.6%

easyJet

plc

*

665,973

4,058,808

Biotechnology

1.1%

Abcam

plc,

ADR

*

301,223

4,177,963

Immunocore

Holdings

plc,

ADR

*

39,612

2,427,027

6,604,990

Capital

Markets

1.0%

Allfunds

Group

plc

427,376

3,416,570

Impax

Asset

Management

Group

plc

135,773

1,302,643

Intermediate

Capital

Group

plc

91,334

1,571,634

6,290,847

Chemicals

0.3%

Elementis

plc

*

753,718

1,165,971

Synthomer

plc

441,163

847,856

2,013,827

Commercial

Services

&

Supplies

0.7%

Smart

Metering

Systems

plc

435,477

4,671,879

Construction

Materials

0.0%

†

Marshalls

plc

73,645

310,303

Electronic

Equipment,

Instruments

&

Components

1.2%

Spectris

plc

186,779

7,402,227

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Derwent

London

plc

104,583

3,338,245

Safestore

Holdings

plc

199,644

2,488,397

UNITE

Group

plc

(The)

84,913

1,047,051

6,873,693

Food

Products

0.3%

Cranswick

plc

41,638

1,633,721

Health

Care

Equipment

&

Supplies

0.7%

ConvaTec

Group

plc

Reg.

S

(b)

1,514,006

4,376,010

Hotels,

Restaurants

&

Leisure

1.9%

Greggs

plc

75,875

2,524,173

Restaurant

Group

plc

(The)

*

4,524,606

2,032,399

SSP

Group

plc

*

1,052,045

3,365,127

Trainline

plc

Reg.

S

*(b)

1,116,596

3,900,629

11,822,328

Household

Durables

1.1%

Berkeley

Group

Holdings

plc

65,861

3,379,777

Taylor

Wimpey

plc

2,312,714

3,352,047

6,731,824

Industrial

Conglomerates

0.2%

Smiths

Group

plc

59,922

1,276,638

Insurance

2.0%

Beazley

plc

1,304,613

10,723,884

Nationwide

International

Small

Cap

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Insurance

Sabre

Insurance

Group

plc

Reg.

S

(b)

1,462,159

1,857,047

12,580,931

IT

Services

0.7%

Softcat

plc

301,927

4,506,821

Machinery

3.0%

IMI

plc

542,835

9,722,341

Rotork

plc

2,297,520

9,069,718

18,792,059

Media

0.4%

Hyve

Group

plc

*

2,992,345

2,696,631

Multiline

Retail

0.4%

B&M

European

Value

Retail

SA

492,848

2,733,058

Oil,

Gas

&

Consumable

Fuels

0.3%

Harbour

Energy

plc

468,277

1,814,348

Serica

Energy

plc

53,191

166,030

1,980,378

Pharmaceuticals

0.6%

Verona

Pharma

plc,

ADR

*

174,298

3,841,528

Road

&

Rail

0.4%

National

Express

Group

plc

*

1,481,386

2,452,087

Specialty

Retail

0.7%

Watches

of

Switzerland

Group

plc

*(b)

129,531

1,523,867

WH

Smith

plc

139,496

2,750,697

4,274,564

Trading

Companies

&

Distributors

0.6%

RS

GROUP

plc

300,575

3,501,612

Water

Utilities

0.8%

Pennon

Group

plc

416,534

4,725,279

126,152,043

UNITED

STATES

0.2%

Building

Products

0.2%

Reliance

Worldwide

Corp.

Ltd.

495,690

1,242,204

Total

Common

Stocks

(cost

$586,926,057)

610,991,038

Exchange

Traded

Fund

1.8%

UNITED

STATES

1.8%

iShares

MSCI

EAFE

Small-Cap

ETF

(a)

188,933

11,551,364

Total

Exchange

Traded

Fund

(cost

$10,047,694)

11,551,364

Rights

0.0%

†

Number

of

Rights

FRANCE

0.0%

†

Biotechnology

0.0%

†

Clementia

Pharmaceuticals,

Inc.,

CVR*^∞

16,268

0

Total

Rights

(cost

$0

)

0

Repurchase

Agreement

2.7%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$16,895,929,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$17,233,848.(c)

16,893,920

16,893,920

Total

Repurchase

Agreement

(cost

$16,893,920)

16,893,920

Total

Investments

(cost

$613,867,671)

—

101.7%

639,436,322

Liabilities

in

excess

of

other

assets

—

(1.7)%

(10,849,524)

NET

ASSETS

—

100.0%

$

628,586,798

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$23,921,865,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,893,920

and

by

$8,413,455

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.38%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$25,307,375.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$39,310,363

which

represents

6.25%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$16,893,920.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

44

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

International

Small

Cap

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

6,431,650

$

–

$

6,431,650

Air

Freight

&

Logistics

–

316,161

–

316,161

Airlines

–

4,058,808

–

4,058,808

Auto

Components

–

4,556,321

–

4,556,321

Automobiles

306,524

1,858,254

–

2,164,778

Banks

–

37,247,128

–

37,247,128

Beverages

–

1,594,449

–

1,594,449

Biotechnology

12,145,371

1,884,331

–

14,029,702

Building

Products

–

3,025,680

–

3,025,680

Capital

Markets

–

11,584,778

–

11,584,778

Chemicals

1,600,281

20,570,362

–

22,170,643

Commercial

Services

&

Supplies

–

7,695,541

–

7,695,541

Construction

&

Engineering

–

7,209,486

–

7,209,486

Construction

Materials

–

4,809,003

–

4,809,003

Consumer

Finance

–

2,451,446

–

2,451,446

Containers

&

Packaging

–

6,917,231

–

6,917,231

Distributors

–

996,232

–

996,232

Diversified

Financial

Services

–

9,775,418

–

9,775,418

Diversified

Telecommunication

Services

–

1,064,339

–

1,064,339

Electric

Utilities

–

4,060,332

–

4,060,332

Electronic

Equipment,

Instruments

&

Components

–

15,534,305

–

15,534,305

Energy

Equipment

&

Services

–

1,130,612

–

1,130,612

Entertainment

1,359,131

1,478,793

–

2,837,924

Equity

Real

Estate

Investment

Trusts

(REITs)

4,714,105

28,387,365

–

33,101,470

Food

&

Staples

Retailing

–

1,940,572

–

1,940,572

Food

Products

–

13,525,959

–

13,525,959

Gas

Utilities

–

8,894,753

–

8,894,753

Health

Care

Equipment

&

Supplies

–

12,698,659

–

12,698,659

Hotels,

Restaurants

&

Leisure

4,585,334

23,867,524

–

28,452,858

Household

Durables

–

13,619,016

–

13,619,016

Household

Products

–

2,666,993

–

2,666,993

Independent

Power

and

Renewable

Electricity

Producers

–

1,800,918

–

1,800,918

Industrial

Conglomerates

–

1,276,638

–

1,276,638

Insurance

–

14,695,680

–

14,695,680

Internet

&

Direct

Marketing

Retail

–

2,234,178

–

2,234,178

IT

Services

9,962,334

16,586,066

–

26,548,400

Leisure

Products

–

2,690,099

–

2,690,099

Life

Sciences

Tools

&

Services

3,997,264

12,622,709

–

16,619,973

Machinery

–

52,198,292

–

52,198,292

Media

–

16,340,457

–

16,340,457

Metals

&

Mining

2,862,415

14,496,507

–

17,358,922

Multiline

Retail

–

4,956,144

–

4,956,144

Oil,

Gas

&

Consumable

Fuels

5,490,427

13,458,628

–

18,949,055

Personal

Products

–

5,680,842

–

5,680,842

Pharmaceuticals

3,841,528

2,913,833

–

6,755,361

Professional

Services

–

8,454,160

–

8,454,160

Real

Estate

Management

&

Development

5,298,889

22,964,573

–

28,263,462

Road

&

Rail

2,788,338

13,598,754

–

16,387,092

Semiconductors

&

Semiconductor

Equipment

–

14,403,414

–

14,403,414

Software

10,326,914

2,184,940

–

12,511,854

Specialty

Retail

–

14,814,338

–

14,814,338

Textiles,

Apparel

&

Luxury

Goods

–

12,300,959

–

12,300,959

Thrifts

&

Mortgage

Finance

–

2,255,432

–

2,255,432

Trading

Companies

&

Distributors

–

8,838,753

–

8,838,753

Transportation

Infrastructure

–

6,629,901

–

6,629,901

46

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Water

Utilities

$

2,718,144

$

4,725,279

$

–

$

7,443,423

Wireless

Telecommunication

Services

4,021,044

–

–

4,021,044

Total

Common

Stocks

$

76,018,043

$

534,972,995

$

–

$

610,991,038

Exchange

Traded

Fund

11,551,364

–

–

11,551,364

Repurchase

Agreement

–

16,893,920

–

16,893,920

Rights

–

–

–

–

Total

$

87,569,407

$

551,866,915

$

–

$

639,436,322

As

of

January

31,

2023,

the

Fund

held

one

right

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Janus

Henderson

Overseas

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

98.0%

Shares

Value

($)

AUSTRIA

3.3%

Banks

3.3%

Erste

Group

Bank

AG

215,277

8,154,557

CANADA

7.4%

Metals

&

Mining

4.2%

Teck

Resources

Ltd.

,

Class

B

239,606

10,365,429

Oil,

Gas

&

Consumable

Fuels

3.2%

Canadian

Natural

Resources

Ltd.

129,032

7,927,726

18,293,155

CHINA

7.9%

Hotels,

Restaurants

&

Leisure

3.7%

Yum

China

Holdings,

Inc.

150,000

9,067,212

Internet

&

Direct

Marketing

Retail

3.2%

JD.com,

Inc.

,

Class

A

267,200

7,949,082

Road

&

Rail

1.0%

Full

Truck

Alliance

Co.

Ltd.,

ADR

*

316,096

2,544,573

19,560,867

DENMARK

0.9%

Biotechnology

0.9%

Ascendis

Pharma

A/S,

ADR

*

18,292

2,269,671

FRANCE

14.5%

Aerospace

&

Defense

2.3%

Airbus

SE

45,046

5,644,343

Banks

4.9%

BNP

Paribas

SA

173,315

11,879,894

Oil,

Gas

&

Consumable

Fuels

2.4%

TotalEnergies

SE

95,223

5,915,949

Pharmaceuticals

2.7%

Sanofi

67,795

6,661,989

Textiles,

Apparel

&

Luxury

Goods

2.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

6,237

5,448,544

35,550,719

GERMANY

4.9%

Automobiles

0.9%

Dr

Ing

hc

F

Porsche

AG

(Preference)

*

19,741

2,342,042

Diversified

Telecommunication

Services

3.0%

Deutsche

Telekom

AG

(Registered)

328,512

7,308,671

Pharmaceuticals

1.0%

Bayer

AG

(Registered)

39,188

2,430,720

12,081,433

HONG

KONG

3.3%

Insurance

3.3%

AIA

Group

Ltd.

730,600

8,250,309

INDIA

1.7%

Metals

&

Mining

1.7%

Hindustan

Zinc

Ltd.

1,021,966

4,162,534

JAPAN

12.0%

Electronic

Equipment,

Instruments

&

Components

2.9%

Keyence

Corp.

15,600

7,206,057

Common

Stocks

Shares

Value

($)

JAPAN

Entertainment

1.0%

Nintendo

Co.

Ltd.

57,600

2,491,080

Health

Care

Equipment

&

Supplies

1.3%

Hoya

Corp.

28,100

3,094,257

Insurance

4.0%

Dai-ichi

Life

Holdings,

Inc.

418,200

9,816,418

Interactive

Media

&

Services

0.7%

Z

Holdings

Corp.

(a)

616,200

1,782,168

Pharmaceuticals

0.5%

Takeda

Pharmaceutical

Co.

Ltd.

42,200

1,328,972

Road

&

Rail

1.6%

Central

Japan

Railway

Co.

32,200

3,914,100

29,633,052

NETHERLANDS

7.1%

Beverages

3.1%

Heineken

NV

76,867

7,660,238

Biotechnology

0.8%

Argenx

SE,

ADR

*

5,453

2,084,409

Semiconductors

&

Semiconductor

Equipment

3.2%

ASML

Holding

NV

11,783

7,803,448

17,548,095

SWEDEN

0.9%

Electronic

Equipment,

Instruments

&

Components

0.9%

Hexagon

AB

,

Class

B

204,541

2,342,547

SWITZERLAND

2.5

%

Pharmaceuticals

2.5%

Novartis

AG

(Registered)

68,778

6,220,327

TAIWAN

3.9%

Semiconductors

&

Semiconductor

Equipment

3.9%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

550,000

9,703,205

UNITED

KINGDOM

18.7%

Aerospace

&

Defense

1.0%

BAE

Systems

plc

238,627

2,521,934

Banks

3.2%

NatWest

Group

plc

2,056,660

7,824,951

Beverages

3.1%

Diageo

plc

174,694

7,590,038

Hotels,

Restaurants

&

Leisure

2.9%

Entain

plc

391,110

7,216,731

Insurance

2.4%

Beazley

plc

706,026

5,803,515

Personal

Products

2.9%

Unilever

plc

137,757

7,037,849

Pharmaceuticals

3.2%

AstraZeneca

plc

60,786

7,953,140

45,948,158

48

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

9.0%

Entertainment

2.5%

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

*

88,054

6,234,223

Metals

&

Mining

1.5%

Freeport-McMoRan,

Inc.

84,336

3,763,072

Textiles,

Apparel

&

Luxury

Goods

2.9%

Samsonite

International

SA

Reg.

S

*(b)

2,388,300

7,081,357

Trading

Companies

&

Distributors

2.1%

Ferguson

plc

37,028

5,209,904

22,288,556

Total

Investments

(cost

$198,067,756)

—

98.0%

242,007,185

Other

assets

in

excess

of

liabilities

—

2.0%

4,899,674

NET

ASSETS

—

100.0%

$

246,906,859

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$1,097,364,

which

was

collateralized

by

$1,135,958

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

1.63%,

and

maturity

dates

ranging

from

7/15/2024

–

9/30/2026.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$7,081,357

which

represents

2.87%

of

net

assets.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

Nationwide

Janus

Henderson

Overseas

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

50

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

8,166,277

$

–

$

8,166,277

Automobiles

–

2,342,042

–

2,342,042

Banks

–

27,859,402

–

27,859,402

Beverages

–

15,250,276

–

15,250,276

Biotechnology

4,354,080

–

–

4,354,080

Diversified

Telecommunication

Services

–

7,308,671

–

7,308,671

Electronic

Equipment,

Instruments

&

Components

–

9,548,604

–

9,548,604

Entertainment

6,234,223

2,491,080

–

8,725,303

Health

Care

Equipment

&

Supplies

–

3,094,257

–

3,094,257

Hotels,

Restaurants

&

Leisure

–

16,283,943

–

16,283,943

Insurance

–

23,870,242

–

23,870,242

Interactive

Media

&

Services

–

1,782,168

–

1,782,168

Internet

&

Direct

Marketing

Retail

–

7,949,082

–

7,949,082

Metals

&

Mining

14,128,501

4,162,534

–

18,291,035

Oil,

Gas

&

Consumable

Fuels

7,927,726

5,915,949

–

13,843,675

Personal

Products

–

7,037,849

–

7,037,849

Pharmaceuticals

–

24,595,148

–

24,595,148

Road

&

Rail

2,544,573

3,914,100

–

6,458,673

Semiconductors

&

Semiconductor

Equipment

–

17,506,653

–

17,506,653

Textiles,

Apparel

&

Luxury

Goods

–

12,529,901

–

12,529,901

Trading

Companies

&

Distributors

–

5,209,904

–

5,209,904

Total

$

35,189,103

$

206,818,082

$

–

$

242,007,185

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.1%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.30%,

8/15/2025

150,777

143,531

Automobiles

0.1%

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

172,916

171,627

Credit

Card

0.0%

†

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

50,000

47,456

Total

Asset-Backed

Securities

(cost

$372,724)

362,614

Commercial

Mortgage-Backed

Securities

1.9%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

450,000

429,303

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC17,

Class

A4,

4.13%,

11/10/2046

650,000

641,609

Series

2014-GC25,

Class

A4,

3.64%,

10/10/2047

500,000

487,065

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K066,

Class

A2,

3.12%,

6/25/2027

250,000

241,115

Series

K739,

Class

A2,

1.34%,

9/25/2027

620,000

553,071

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

200,000

193,606

FNMA

ACES

REMICS,

Series

2020-M5,

Class

A2,

2.21%,

1/25/2030

1,069,449

942,151

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP7,

Class

A5,

3.45%,

9/15/2050

750,000

706,297

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

450,000

430,914

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

150,000

137,808

Total

Commercial

Mortgage-Backed

Securities

(cost

$5,237,870)

4,762,939

Corporate

Bonds

24.8%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

3.10%,

5/1/2026

200,000

190,334

3.20%,

3/1/2029(a)

100,000

91,353

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Boeing

Co.

(The),

5.15%,

5/1/2030

50,000

50,396

5.71%,

5/1/2040

200,000

204,652

General

Dynamics

Corp.

,

4.25%,

4/1/2040

50,000

48,450

L3Harris

Technologies,

Inc.

,

4.85%,

4/27/2035

55,000

53,820

Leidos,

Inc.

,

2.30%,

2/15/2031

50,000

40,294

Lockheed

Martin

Corp.

,

4.09%,

9/15/2052

100,000

91,653

4.15%,

6/15/2053

10,000

9,152

4.30%,

6/15/2062

10,000

9,176

Northrop

Grumman

Corp.

,

4.75%,

6/1/2043

100,000

98,009

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

200,000

196,247

4.50%,

6/1/2042

100,000

95,924

3.03%,

3/15/2052

50,000

36,898

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

248,005

1,464,363

Air

Freight

&

Logistics

0.2%

FedEx

Corp.

,

4.25%,

5/15/2030

100,000

97,121

4.55%,

4/1/2046

100,000

88,028

United

Parcel

Service,

Inc.

,

2.20%,

9/1/2024

250,000

240,753

5.30%,

4/1/2050

100,000

109,342

535,244

Airlines

0.0%

†

Southwest

Airlines

Co.

,

2.63%,

2/10/2030

100,000

87,475

Auto

Components

0.1%

Aptiv

plc

,

5.40%,

3/15/2049

50,000

46,233

BorgWarner,

Inc.

,

3.38%,

3/15/2025

70,000

67,624

2.65%,

7/1/2027

25,000

23,000

Lear

Corp.

,

3.80%,

9/15/2027

123,000

117,313

254,170

Automobiles

0.1%

General

Motors

Co.

,

6.25%,

10/2/2043

150,000

149,266

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032

20,000

17,813

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

50,000

63,834

230,913

Banks

4.8%

Banco

Santander

SA

,

2.71%,

6/27/2024

200,000

193,789

4.25%,

4/11/2027

200,000

194,501

2

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.

,

(SOFR

+

0.67%),

1.84%,

2/4/2025(b)

60,000

57,911

4.25%,

10/22/2026

145,000

142,167

(SOFR

+

1.05%),

2.55%,

2/4/2028(b)

200,000

182,546

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(b)

241,000

225,403

(ICE

LIBOR

USD

3

Month

+

1.07%),

3.97%,

3/5/2029(b)

250,000

238,623

(SOFR

+

2.15%),

2.59%,

4/29/2031(b)

100,000

85,523

(SOFR

+

1.32%),

2.69%,

4/22/2032(b)

200,000

168,850

(SOFR

+

1.33%),

2.97%,

2/4/2033(b)

95,000

81,014

(SOFR

+

1.83%),

4.57%,

4/27/2033(b)

40,000

38,651

(SOFR

+

2.16%),

5.02%,

7/22/2033(a)(b)

45,000

44,973

(SOFR

+

1.93%),

2.68%,

6/19/2041(b)

170,000

125,324

5.88%,

2/7/2042

25,000

27,758

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(b)

100,000

92,549

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(b)

70,000

60,255

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)

30,000

21,153

Bank

of

Montreal

,

5.20%,

2/1/2028

50,000

50,989

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(b)

25,000

20,329

Bank

of

Nova

Scotia

(The)

,

2.70%,

8/3/2026

250,000

233,928

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(b)

200,000

216,921

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(b)

250,000

243,866

BNP

Paribas

SA

,

4.25%,

10/15/2024

250,000

246,372

Canadian

Imperial

Bank

of

Commerce

,

3.60%,

4/7/2032

30,000

27,607

Citigroup,

Inc.

,

3.75%,

6/16/2024

300,000

296,129

3.70%,

1/12/2026

250,000

244,202

3.40%,

5/1/2026

200,000

192,627

(SOFR

+

1.28%),

3.07%,

2/24/2028(b)

10,000

9,296

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(b)

100,000

93,671

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(b)

100,000

94,042

(SOFR

+

1.17%),

2.56%,

5/1/2032(b)

80,000

66,622

6.63%,

6/15/2032

182,000

199,482

8.13%,

7/15/2039

40,000

52,989

4.65%,

7/23/2048

100,000

95,428

Citizens

Financial

Group,

Inc.

,

2.85%,

7/27/2026

250,000

234,756

Comerica,

Inc.

,

4.00%,

2/1/2029(a)

100,000

96,779

Fifth

Third

Bancorp

,

3.95%,

3/14/2028

150,000

145,748

(SOFR

+

1.66%),

4.34%,

4/25/2033(b)

20,000

18,901

HSBC

Holdings

plc

,

(SOFR

+

1.51%),

4.18%,

12/9/2025(b)

200,000

196,070

(SOFR

+

1.54%),

1.64%,

4/18/2026(b)

200,000

184,154

(ICE

LIBOR

USD

3

Month

+

1.53%),

4.58%,

6/19/2029(b)

200,000

193,780

4.95%,

3/31/2030

200,000

200,626

6.50%,

9/15/2037

100,000

104,969

JPMorgan

Chase

&

Co.

,

3.63%,

5/13/2024

350,000

346,559

3.13%,

1/23/2025

250,000

243,005

(SOFR

+

0.49%),

0.77%,

8/9/2025(b)

100,000

93,154

(SOFR

+

1.16%),

2.30%,

10/15/2025(b)

250,000

237,973

3.30%,

4/1/2026(a)

250,000

241,222

(SOFR

+

1.32%),

4.08%,

4/26/2026(b)

100,000

98,228

(SOFR

+

1.56%),

4.32%,

4/26/2028(b)

190,000

186,220

(SOFR

+

1.99%),

4.85%,

7/25/2028(b)

150,000

149,962

(ICE

LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/5/2029(b)

25,000

24,382

(SOFR

+

1.51%),

2.74%,

10/15/2030(b)

100,000

87,401

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)

125,000

106,829

(SOFR

+

1.25%),

2.58%,

4/22/2032(b)

100,000

84,170

(SOFR

+

1.26%),

2.96%,

1/25/2033(b)

35,000

30,003

(SOFR

+

2.08%),

4.91%,

7/25/2033(b)

50,000

49,817

(SOFR

+

2.58%),

5.72%,

9/14/2033(b)

50,000

51,587

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

6.40%,

5/15/2038

120,000

138,062

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(b)

50,000

42,793

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)

115,000

84,115

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026

100,000

90,697

2.88%,

4/3/2028

200,000

192,066

1.75%,

9/14/2029

100,000

88,724

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024

250,000

247,549

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(b)

200,000

186,954

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.75%,

7/18/2039

200,000

174,290

Mizuho

Financial

Group,

Inc.

,

3.17%,

9/11/2027

250,000

233,062

National

Australia

Bank

Ltd.

,

3.38%,

1/14/2026(a)

250,000

242,147

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(b)

200,000

177,778

PNC

Financial

Services

Group,

Inc.

(The)

,

2.55%,

1/22/2030

100,000

87,865

(SOFR

+

1.93%),

5.07%,

1/24/2034(b)

40,000

40,348

Royal

Bank

of

Canada

,

2.25%,

11/1/2024

250,000

239,936

2.05%,

1/21/2027

100,000

91,388

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027

100,000

97,273

Sumitomo

Mitsui

Financial

Group,

Inc.

,

3.20%,

9/17/2029

250,000

221,188

Toronto-Dominion

Bank

(The)

,

2.65%,

6/12/2024

200,000

194,637

1.25%,

12/13/2024

100,000

93,937

4.46%,

6/8/2032

60,000

58,893

Truist

Financial

Corp.

,

(SOFR

+

1.46%),

4.26%,

7/28/2026(b)

10,000

9,888

(SOFR

+

0.61%),

1.27%,

3/2/2027(b)

50,000

45,223

(SOFR

+

2.24%),

4.92%,

7/28/2033(b)

10,000

9,826

(SOFR

+

1.85%),

5.12%,

1/26/2034(b)

40,000

40,536

US

Bancorp

,

2.40%,

7/30/2024

250,000

242,015

Series

X,

3.15%,

4/27/2027

250,000

238,675

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp,

(SOFR

+

2.11%),

4.97%,

7/22/2033(a)(b)

25,000

24,896

Wells

Fargo

&

Co.

,

(SOFR

+

1.56%),

4.54%,

8/15/2026(b)

40,000

39,613

(SOFR

+

1.26%),

2.57%,

2/11/2031(a)(b)

250,000

215,445

(SOFR

+

1.50%),

3.35%,

3/2/2033(b)

50,000

44,090

5.61%,

1/15/2044

283,000

293,706

(SOFR

+

4.50%),

5.01%,

4/4/2051(b)

60,000

59,155

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/2035(b)

30,000

23,564

3.13%,

11/18/2041

65,000

47,030

12,129,149

Beverages

0.4%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

285,000

278,183

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.75%,

1/23/2029

100,000

101,589

5.45%,

1/23/2039

80,000

83,773

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027(a)

100,000

95,799

2.60%,

6/1/2050

100,000

72,255

Constellation

Brands,

Inc.

,

5.25%,

11/15/2048

50,000

49,878

Diageo

Capital

plc

,

2.38%,

10/24/2029

200,000

175,996

Keurig

Dr

Pepper,

Inc.

,

4.42%,

12/15/2046

20,000

17,890

4.50%,

4/15/2052

30,000

27,126

Molson

Coors

Beverage

Co.

,

4.20%,

7/15/2046

50,000

41,872

PepsiCo,

Inc.

,

2.25%,

3/19/2025

100,000

95,824

3.45%,

10/6/2046

75,000

64,301

2.75%,

10/21/2051

50,000

37,058

1,141,544

Biotechnology

0.3%

AbbVie,

Inc.

,

4.30%,

5/14/2036

100,000

95,035

4.70%,

5/14/2045

50,000

47,831

4.25%,

11/21/2049

175,000

156,654

Amgen,

Inc.

,

2.80%,

8/15/2041

80,000

58,923

4.66%,

6/15/2051

170,000

156,271

Biogen,

Inc.

,

4.05%,

9/15/2025

95,000

93,302

3.15%,

5/1/2050

30,000

21,559

4

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Gilead

Sciences,

Inc.

,

4.75%,

3/1/2046

150,000

145,797

775,372

Building

Products

0.1%

Carrier

Global

Corp.

,

2.49%,

2/15/2027

23,000

21,242

2.72%,

2/15/2030

100,000

87,350

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029

50,000

44,383

Johnson

Controls

International

plc

,

4.90%,

12/1/2032

100,000

102,870

Masco

Corp.

,

3.13%,

2/15/2051

30,000

20,420

Owens

Corning

,

4.30%,

7/15/2047

10,000

8,436

284,701

Capital

Markets

1.4%

Ares

Capital

Corp.

,

3.88%,

1/15/2026

60,000

56,440

Bank

of

New

York

Mellon

Corp.

(The)

,

2.05%,

1/26/2027

100,000

91,871

Series

J,

1.90%,

1/25/2029

100,000

85,519

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(b)

20,000

21,661

Blackstone

Private

Credit

Fund

,

4.00%,

1/15/2029

50,000

43,168

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032(a)

100,000

80,890

Brookfield

Finance,

Inc.

,

4.85%,

3/29/2029

60,000

59,654

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026

100,000

89,529

1.95%,

12/1/2031

50,000

40,938

CME

Group,

Inc.

,

5.30%,

9/15/2043

50,000

54,249

Credit

Suisse

Group

AG

,

3.75%,

3/26/2025

250,000

234,607

Deutsche

Bank

AG

,

(SOFR

+

1.32%),

2.55%,

1/7/2028(b)

200,000

178,559

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

300,000

291,217

(SOFR

+

1.11%),

2.64%,

2/24/2028(b)

25,000

22,923

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(a)(b)

250,000

231,611

6.25%,

2/1/2041

250,000

283,391

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029

20,000

19,744

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Intercontinental

Exchange,

Inc.,

4.60%,

3/15/2033

20,000

19,819

4.95%,

6/15/2052

20,000

19,644

3.00%,

9/15/2060

50,000

33,800

5.20%,

6/15/2062

20,000

19,727

Jefferies

Financial

Group,

Inc.

,

4.15%,

1/23/2030

50,000

46,671

Morgan

Stanley

,

4.35%,

9/8/2026

250,000

245,080

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)

130,000

118,527

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(b)

50,000

48,724

7.25%,

4/1/2032

100,000

117,260

(SOFR

+

1.29%),

2.94%,

1/21/2033(b)

50,000

42,701

(SOFR

+

2.56%),

6.34%,

10/18/2033(a)(b)

80,000

87,943

4.38%,

1/22/2047

250,000

234,086

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

200,000

179,747

Northern

Trust

Corp.

,

3.65%,

8/3/2028

50,000

48,512

Raymond

James

Financial,

Inc.

,

4.65%,

4/1/2030

100,000

99,448

S&P

Global,

Inc.

,

2.70%,

3/1/2029(c)

10,000

9,064

2.90%,

3/1/2032(c)

50,000

44,294

State

Street

Corp.

,

3.30%,

12/16/2024(a)

155,000

151,913

(SOFR

+

1.57%),

4.82%,

1/26/2034(b)

40,000

40,203

3,493,134

Chemicals

0.3%

Cabot

Corp.

,

4.00%,

7/1/2029

30,000

27,754

Celanese

US

Holdings

LLC

,

6.38%,

7/15/2032

50,000

50,368

CF

Industries,

Inc.

,

5.15%,

3/15/2034

60,000

59,348

Dow

Chemical

Co.

(The)

,

4.25%,

10/1/2034

86,000

80,666

6.90%,

5/15/2053

25,000

29,633

DuPont

de

Nemours,

Inc.

,

5.32%,

11/15/2038

30,000

31,030

Eastman

Chemical

Co.

,

4.65%,

10/15/2044

50,000

44,355

Ecolab,

Inc.

,

2.13%,

2/1/2032

100,000

83,501

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

20,000

18,599

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

13,000

15,366

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

60,000

51,533

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Mosaic

Co.

(The)

,

5.45%,

11/15/2033

50,000

51,351

Nutrien

Ltd.

,

5.00%,

4/1/2049

20,000

19,174

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

100,000

88,563

Sherwin-Williams

Co.

(The)

,

4.50%,

6/1/2047

50,000

45,093

Westlake

Corp.

,

4.38%,

11/15/2047

40,000

33,022

729,356

Commercial

Services

&

Supplies

0.0%

†

Republic

Services,

Inc.

,

1.45%,

2/15/2031

55,000

44,024

3.05%,

3/1/2050

50,000

36,951

Waste

Management,

Inc.

,

4.15%,

7/15/2049

50,000

45,708

126,683

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

2.50%,

9/20/2026(a)

150,000

141,850

5.90%,

2/15/2039

40,000

45,748

Juniper

Networks,

Inc.

,

3.75%,

8/15/2029

50,000

46,120

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

16,000

15,772

2.30%,

11/15/2030

35,000

28,321

277,811

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

50,000

42,933

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

,

4.25%,

12/15/2047

50,000

43,638

Vulcan

Materials

Co.

,

3.90%,

4/1/2027

100,000

96,717

140,355

Consumer

Finance

0.7%

AerCap

Ireland

Capital

DAC

,

3.00%,

10/29/2028

200,000

176,308

Ally

Financial,

Inc.

,

8.00%,

11/1/2031

30,000

33,041

American

Express

Co.

,

3.63%,

12/5/2024

150,000

147,197

3.13%,

5/20/2026

300,000

286,713

American

Honda

Finance

Corp.

,

1.50%,

1/13/2025

50,000

47,133

2.25%,

1/12/2029

50,000

44,194

Capital

One

Financial

Corp.

,

3.75%,

4/24/2024

100,000

98,541

3.75%,

3/9/2027(a)

250,000

240,316

(SOFR

+

2.06%),

4.93%,

5/10/2028(b)

45,000

44,425

Discover

Financial

Services

,

4.50%,

1/30/2026

100,000

98,068

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.

,

2.35%,

2/26/2027

50,000

44,873

John

Deere

Capital

Corp.

,

0.70%,

1/15/2026

100,000

90,007

PACCAR

Financial

Corp.

,

1.80%,

2/6/2025

100,000

94,707

Synchrony

Financial

,

4.50%,

7/23/2025

190,000

184,888

Toyota

Motor

Credit

Corp.

,

3.95%,

6/30/2025

45,000

44,404

3.65%,

1/8/2029

100,000

96,299

4.45%,

6/29/2029

50,000

50,316

1,821,430

Containers

&

Packaging

0.1%

International

Paper

Co.

,

4.40%,

8/15/2047

25,000

22,357

Sonoco

Products

Co.

,

1.80%,

2/1/2025

50,000

46,850

2.25%,

2/1/2027

45,000

40,714

2.85%,

2/1/2032

50,000

42,691

WRKCo,

Inc.

,

4.20%,

6/1/2032

100,000

94,627

247,239

Diversified

Consumer

Services

0.1%

Massachusetts

Institute

of

Technology

,

Series

G,

2.29%,

7/1/2051

100,000

67,668

Northwestern

University

,

Series

2017,

3.66%,

12/1/2057

12,000

10,210

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

50,000

40,924

University

of

Notre

Dame

du

Lac

,

Series

2017,

3.39%,

2/15/2048

30,000

25,042

Yale

University

,

Series

2020,

2.40%,

4/15/2050

26,000

17,884

161,728

Diversified

Financial

Services

0.2%

Corebridge

Financial,

Inc.

,

3.85%,

4/5/2029(c)

100,000

93,334

3.90%,

4/5/2032(c)

25,000

22,771

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

92,000

100,995

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.40%,

2/7/2028

50,000

47,619

Shell

International

Finance

BV

,

6.38%,

12/15/2038

150,000

174,858

6

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

100,000

96,128

535,705

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

,

4.30%,

2/15/2030

50,000

48,815

2.55%,

12/1/2033

207,000

167,374

3.50%,

6/1/2041

100,000

80,282

3.65%,

9/15/2059

398,000

291,778

Bell

Telephone

Co.

of

Canada

(The)

,

4.30%,

7/29/2049

50,000

43,863

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(d)

50,000

61,084

Orange

SA

,

5.50%,

2/6/2044

50,000

53,002

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

100,000

109,755

Verizon

Communications,

Inc.

,

4.33%,

9/21/2028

100,000

98,635

2.55%,

3/21/2031

250,000

213,387

3.85%,

11/1/2042

175,000

148,477

2.99%,

10/30/2056

260,000

173,051

1,489,503

Electric

Utilities

1.5%

Appalachian

Power

Co.

,

Series

Y,

4.50%,

3/1/2049

90,000

79,713

Arizona

Public

Service

Co.

,

2.20%,

12/15/2031

100,000

79,447

CenterPoint

Energy

Houston

Electric

LLC

,

3.95%,

3/1/2048

100,000

87,532

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

200,000

202,042

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

10,000

8,914

3.70%,

3/15/2045

80,000

67,751

Series

B,

3.65%,

3/1/2052

10,000

8,282

Duke

Energy

Corp.

,

3.75%,

4/15/2024

150,000

148,011

3.30%,

6/15/2041

80,000

62,193

4.20%,

6/15/2049

150,000

127,008

Duke

Energy

Ohio,

Inc.

,

3.70%,

6/15/2046

100,000

78,662

Emera

US

Finance

LP

,

3.55%,

6/15/2026

150,000

142,293

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

100,000

97,324

4.20%,

4/1/2049

50,000

44,036

Entergy

Texas,

Inc.

,

5.00%,

9/15/2052

25,000

24,940

Evergy

Metro,

Inc.

,

Series

2019,

4.13%,

4/1/2049

50,000

43,100

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

75,000

72,536

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eversource

Energy,

3.45%,

1/15/2050

100,000

77,957

Exelon

Corp.

,

4.05%,

4/15/2030

200,000

192,568

5.63%,

6/15/2035

100,000

105,870

Florida

Power

&

Light

Co.

,

4.13%,

6/1/2048

90,000

81,142

Fortis,

Inc.

,

3.06%,

10/4/2026

100,000

93,890

Iberdrola

International

BV

,

5.81%,

3/15/2025

82,000

83,499

Kentucky

Utilities

Co.

,

5.13%,

11/1/2040

50,000

50,448

NextEra

Energy

Capital

Holdings,

Inc.

,

4.20%,

6/20/2024

25,000

24,780

4.45%,

6/20/2025

25,000

24,848

1.88%,

1/15/2027

45,000

40,639

4.63%,

7/15/2027

25,000

25,040

2.75%,

11/1/2029(a)

100,000

88,928

2.44%,

1/15/2032

25,000

20,879

Ohio

Power

Co.

,

4.15%,

4/1/2048

50,000

43,960

Oncor

Electric

Delivery

Co.

LLC

,

5.30%,

6/1/2042

50,000

52,824

4.60%,

6/1/2052

25,000

24,217

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

250,000

201,711

4.50%,

7/1/2040

100,000

82,320

PacifiCorp

,

6.00%,

1/15/2039

25,000

27,349

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

100,000

88,515

Southern

California

Edison

Co.

,

4.00%,

4/1/2047

100,000

83,926

Series

B,

4.88%,

3/1/2049

50,000

47,490

Southern

Co.

(The)

,

3.25%,

7/1/2026

210,000

199,725

4.40%,

7/1/2046

150,000

134,283

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

31,390

Union

Electric

Co.

,

2.63%,

3/15/2051

100,000

68,596

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

42,062

4.45%,

2/15/2044

150,000

136,492

Series

C,

4.63%,

5/15/2052

50,000

46,941

Wisconsin

Power

and

Light

Co.

,

3.00%,

7/1/2029

100,000

90,767

Xcel

Energy,

Inc.

,

6.50%,

7/1/2036

123,000

139,027

3,825,867

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electrical

Equipment

0.0%

†

Eaton

Corp.

,

4.00%,

11/2/2032

100,000

96,084

Rockwell

Automation,

Inc.

,

2.80%,

8/15/2061

5,000

3,287

99,371

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

100,000

88,503

Corning,

Inc.

,

5.35%,

11/15/2048(a)

70,000

70,416

Flex

Ltd.

,

3.75%,

2/1/2026(a)

200,000

192,694

351,613

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

35,000

31,854

4.08%,

12/15/2047

50,000

41,998

Halliburton

Co.

,

5.00%,

11/15/2045(a)

90,000

85,622

NOV,

Inc.

,

3.95%,

12/1/2042

50,000

37,866

197,340

Entertainment

0.2%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

50,000

33,597

Take-Two

Interactive

Software,

Inc.

,

4.00%,

4/14/2032(a)

10,000

9,377

TWDC

Enterprises

18

Corp.

,

3.00%,

7/30/2046

60,000

44,536

Walt

Disney

Co.

(The)

,

2.00%,

9/1/2029

100,000

86,413

2.65%,

1/13/2031

100,000

88,257

3.50%,

5/13/2040

60,000

51,324

2.75%,

9/1/2049

100,000

71,305

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027(c)

50,000

46,861

4.05%,

3/15/2029(a)(c)

50,000

45,890

4.28%,

3/15/2032(c)

25,000

22,249

5.14%,

3/15/2052(c)

170,000

141,195

641,004

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Alexandria

Real

Estate

Equities,

Inc.

,

4.00%,

2/1/2050

50,000

40,899

American

Tower

Corp.

,

3.70%,

10/15/2049

100,000

75,433

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

100,000

97,090

Boston

Properties

LP

,

2.75%,

10/1/2026

150,000

137,913

Brixmor

Operating

Partnership

LP

,

4.13%,

5/15/2029

50,000

46,244

Camden

Property

Trust

,

3.35%,

11/1/2049

50,000

37,399

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Crown

Castle,

Inc.

,

2.25%,

1/15/2031

100,000

83,464

4.00%,

11/15/2049

60,000

48,685

CubeSmart

LP

,

2.25%,

12/15/2028(a)

40,000

34,317

2.50%,

2/15/2032

45,000

36,326

Digital

Realty

Trust

LP

,

4.45%,

7/15/2028

100,000

96,908

Equinix,

Inc.

,

2.63%,

11/18/2024

30,000

28,809

3.20%,

11/18/2029

35,000

31,683

2.15%,

7/15/2030

100,000

83,068

ERP

Operating

LP

,

2.85%,

11/1/2026

250,000

234,891

Essex

Portfolio

LP

,

3.00%,

1/15/2030

50,000

43,672

Federal

Realty

Investment

Trust

,

3.20%,

6/15/2029

100,000

88,964

GLP

Capital

LP

,

5.38%,

4/15/2026

200,000

199,796

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030

50,000

43,576

Healthpeak

Properties,

Inc.

,

3.40%,

2/1/2025

19,000

18,395

2.88%,

1/15/2031

50,000

43,447

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

50,000

43,541

Kilroy

Realty

LP

,

3.05%,

2/15/2030(a)

50,000

41,027

Kimco

Realty

OP

LLC

,

4.45%,

9/1/2047

50,000

41,271

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

100,000

96,472

Prologis

LP

,

2.88%,

11/15/2029

40,000

35,969

1.25%,

10/15/2030(a)

100,000

79,002

Public

Storage

,

1.50%,

11/9/2026

55,000

49,741

2.25%,

11/9/2031

50,000

41,984

Realty

Income

Corp.

,

3.25%,

6/15/2029

90,000

82,851

Simon

Property

Group

LP

,

4.75%,

3/15/2042

100,000

91,378

Spirit

Realty

LP

,

4.00%,

7/15/2029

85,000

76,600

STORE

Capital

Corp.

,

2.70%,

12/1/2031

50,000

37,703

UDR,

Inc.

,

3.20%,

1/15/2030

50,000

45,368

VICI

Properties

LP

,

4.75%,

2/15/2028

10,000

9,683

5.13%,

5/15/2032

10,000

9,566

Welltower

OP

LLC

,

3.10%,

1/15/2030

100,000

87,358

8

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

WP

Carey,

Inc.

,

3.85%,

7/15/2029

50,000

46,756

2,467,249

Food

&

Staples

Retailing

0.2%

Costco

Wholesale

Corp.

,

2.75%,

5/18/2024

200,000

195,969

Kroger

Co.

(The)

,

7.50%,

4/1/2031

90,000

104,537

Sysco

Corp.

,

6.60%,

4/1/2050

50,000

57,969

Walgreens

Boots

Alliance,

Inc.

,

3.20%,

4/15/2030

70,000

62,208

Walmart,

Inc.

,

1.80%,

9/22/2031

100,000

84,138

2.65%,

9/22/2051(a)

100,000

73,019

577,840

Food

Products

0.4%

Archer-Daniels-Midland

Co.

,

2.50%,

8/11/2026

100,000

94,271

2.90%,

3/1/2032(a)

25,000

22,472

Campbell

Soup

Co.

,

4.15%,

3/15/2028

50,000

49,064

4.80%,

3/15/2048

10,000

9,540

Conagra

Brands,

Inc.

,

5.40%,

11/1/2048

50,000

49,346

General

Mills,

Inc.

,

2.88%,

4/15/2030

100,000

89,351

Hershey

Co.

(The)

,

3.13%,

11/15/2049

50,000

38,602

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

40,000

38,075

JBS

USA

LUX

SA

,

3.00%,

5/15/2032(a)(c)

30,000

23,785

5.75%,

4/1/2033(c)

50,000

49,028

6.50%,

12/1/2052(c)

15,000

15,322

Kellogg

Co.

,

3.25%,

4/1/2026

40,000

38,580

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

120,000

112,237

Mead

Johnson

Nutrition

Co.

,

4.13%,

11/15/2025

110,000

108,255

Mondelez

International,

Inc.

,

2.63%,

9/4/2050

50,000

34,262

Tyson

Foods,

Inc.

,

5.10%,

9/28/2048

50,000

49,371

Unilever

Capital

Corp.

,

2.13%,

9/6/2029

100,000

87,233

5.90%,

11/15/2032

50,000

55,945

964,739

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

4.13%,

10/15/2044

50,000

43,780

ONE

Gas,

Inc.

,

2.00%,

5/15/2030

100,000

83,934

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gas

Utilities

Piedmont

Natural

Gas

Co.,

Inc.

,

3.50%,

6/1/2029

50,000

47,293

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

25,000

16,577

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

10,000

7,714

199,298

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025

45,000

44,507

4.90%,

11/30/2046

100,000

104,589

Baxter

International,

Inc.

,

2.60%,

8/15/2026

100,000

93,147

1.92%,

2/1/2027

70,000

63,181

2.27%,

12/1/2028

50,000

43,733

Becton

Dickinson

and

Co.

,

4.69%,

12/15/2044

44,000

41,820

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

34,000

32,817

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

45,000

40,464

GE

HealthCare

Technologies,

Inc.

,

5.91%,

11/22/2032(c)

100,000

108,364

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

50,000

46,845

Medtronic,

Inc.

,

4.63%,

3/15/2045

50,000

50,263

Stryker

Corp.

,

2.90%,

6/15/2050

50,000

35,978

705,708

Health

Care

Providers

&

Services

1.1%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

21,000

19,221

Aetna,

Inc.

,

3.88%,

8/15/2047

50,000

41,340

AmerisourceBergen

Corp.

,

4.25%,

3/1/2045

50,000

43,965

Cardinal

Health,

Inc.

,

4.37%,

6/15/2047

50,000

42,166

Centene

Corp.

,

3.00%,

10/15/2030

80,000

68,400

2.50%,

3/1/2031

40,000

32,701

Cigna

Corp.

,

4.13%,

11/15/2025

200,000

197,737

3.40%,

3/15/2050

125,000

94,871

CommonSpirit

Health

,

2.78%,

10/1/2030

62,000

52,866

4.19%,

10/1/2049

25,000

20,912

CVS

Health

Corp.

,

4.30%,

3/25/2028

59,000

58,001

3.75%,

4/1/2030

100,000

93,695

2.13%,

9/15/2031

90,000

73,845

4.78%,

3/25/2038

40,000

38,288

5.05%,

3/25/2048

150,000

142,608

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Elevance

Health,

Inc.

,

4.65%,

8/15/2044

150,000

141,595

HCA,

Inc.

,

5.00%,

3/15/2024

200,000

199,530

4.50%,

2/15/2027

250,000

245,941

5.50%,

6/15/2047

20,000

19,017

4.63%,

3/15/2052(c)

70,000

59,043

Humana,

Inc.

,

3.95%,

8/15/2049

50,000

41,795

Kaiser

Foundation

Hospitals

,

4.15%,

5/1/2047

50,000

45,898

Laboratory

Corp.

of

America

Holdings

,

2.95%,

12/1/2029

50,000

44,804

McKesson

Corp.

,

1.30%,

8/15/2026

100,000

89,227

3.95%,

2/16/2028

100,000

96,556

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

29,000

20,908

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

20,000

17,139

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

15,000

12,643

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

50,000

48,807

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

12,000

10,291

Sutter

Health

,

Series

2018,

4.09%,

8/15/2048

36,000

30,920

UnitedHealth

Group,

Inc.

,

3.38%,

4/15/2027

250,000

241,704

3.88%,

12/15/2028

200,000

194,883

5.35%,

2/15/2033

50,000

53,287

2.75%,

5/15/2040

60,000

46,518

3.05%,

5/15/2041

50,000

39,940

3.25%,

5/15/2051

100,000

78,241

5.88%,

2/15/2053

20,000

22,900

3.13%,

5/15/2060

50,000

36,333

2,858,536

Hotels,

Restaurants

&

Leisure

0.3%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

50,000

50,198

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(a)

50,000

47,261

3.25%,

2/15/2030

65,000

57,140

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

56,000

56,951

Series

R,

3.13%,

6/15/2026

200,000

190,069

McDonald's

Corp.

,

3.50%,

7/1/2027

100,000

96,710

3.70%,

2/15/2042

40,000

33,867

4.88%,

12/9/2045

50,000

49,372

Starbucks

Corp.

,

3.80%,

8/15/2025

100,000

98,287

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.,

3.50%,

11/15/2050

100,000

78,011

757,866

Household

Durables

0.2%

DR

Horton,

Inc.

,

2.50%,

10/15/2024

85,000

81,752

Lennar

Corp.

,

5.88%,

11/15/2024

300,000

303,134

MDC

Holdings,

Inc.

,

2.50%,

1/15/2031

50,000

38,171

PulteGroup,

Inc.

,

5.00%,

1/15/2027

100,000

100,451

Whirlpool

Corp.

,

3.70%,

5/1/2025

100,000

97,495

621,003

Household

Products

0.1%

Church

&

Dwight

Co.,

Inc.

,

5.00%,

6/15/2052

10,000

10,004

Colgate-Palmolive

Co.

,

3.70%,

8/1/2047

50,000

45,940

Kimberly-Clark

Corp.

,

2.88%,

2/7/2050

50,000

37,359

Procter

&

Gamble

Co.

(The)

,

3.00%,

3/25/2030

100,000

93,546

186,849

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Constellation

Energy

Generation

LLC

,

5.60%,

6/15/2042

50,000

50,615

Oglethorpe

Power

Corp.

,

5.05%,

10/1/2048

25,000

22,990

73,605

Industrial

Conglomerates

0.1%

3M

Co.

,

4.00%,

9/14/2048(a)

40,000

33,524

Honeywell

International,

Inc.

,

3.81%,

11/21/2047

50,000

44,443

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

31,012

Trane

Technologies

Global

Holding

Co.

Ltd.

,

5.75%,

6/15/2043

50,000

52,531

161,510

Insurance

0.7%

Allstate

Corp.

(The)

,

4.20%,

12/15/2046

50,000

44,233

American

International

Group,

Inc.

,

4.75%,

4/1/2048

100,000

95,442

Aon

Global

Ltd.

,

4.75%,

5/15/2045

50,000

46,793

Arch

Capital

Finance

LLC

,

4.01%,

12/15/2026

250,000

247,834

Athene

Holding

Ltd.

,

4.13%,

1/12/2028

100,000

95,293

10

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Berkshire

Hathaway

Finance

Corp.

,

4.40%,

5/15/2042

150,000

147,376

Chubb

INA

Holdings,

Inc.

,

4.35%,

11/3/2045

100,000

94,477

CNA

Financial

Corp.

,

3.90%,

5/1/2029

50,000

46,700

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

40,000

30,904

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

50,000

37,311

Globe

Life,

Inc.

,

2.15%,

8/15/2030

50,000

40,934

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

50,000

53,341

Lincoln

National

Corp.

,

4.35%,

3/1/2048

50,000

40,556

Manulife

Financial

Corp.

,

4.15%,

3/4/2026

100,000

98,760

Markel

Corp.

,

5.00%,

5/20/2049

50,000

46,817

Marsh

&

McLennan

Cos.,

Inc.

,

4.90%,

3/15/2049

50,000

49,740

MetLife,

Inc.

,

5.70%,

6/15/2035

86,000

94,432

4.13%,

8/13/2042

50,000

45,370

Principal

Financial

Group,

Inc.

,

3.70%,

5/15/2029

50,000

47,409

Prudential

Financial,

Inc.

,

6.63%,

6/21/2040

100,000

114,748

Travelers

Cos.,

Inc.

(The)

,

4.00%,

5/30/2047

50,000

43,950

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

80,000

90,956

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

49,483

2.95%,

9/15/2029

30,000

26,546

1,729,405

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

2.05%,

8/15/2050

100,000

63,934

Baidu,

Inc.

,

4.38%,

5/14/2024

200,000

197,773

Meta

Platforms,

Inc.

,

4.45%,

8/15/2052

35,000

30,565

292,272

Internet

&

Direct

Marketing

Retail

0.1%

Amazon.com,

Inc.

,

3.60%,

4/13/2032

25,000

23,786

4.70%,

12/1/2032

25,000

25,593

2.50%,

6/3/2050

50,000

33,860

3.95%,

4/13/2052

25,000

22,140

4.25%,

8/22/2057

150,000

137,375

4.10%,

4/13/2062

25,000

21,946

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

eBay,

Inc.

,

4.00%,

7/15/2042

50,000

42,517

307,217

IT

Services

0.4%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030(a)

100,000

80,979

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

80,000

76,355

Fidelity

National

Information

Services,

Inc.

,

2.25%,

3/1/2031

50,000

40,992

Fiserv,

Inc.

,

2.75%,

7/1/2024

200,000

193,797

3.50%,

7/1/2029

50,000

46,568

Global

Payments,

Inc.

,

4.15%,

8/15/2049(a)

50,000

38,927

International

Business

Machines

Corp.

,

1.95%,

5/15/2030

100,000

84,043

4.25%,

5/15/2049(a)

100,000

88,443

Mastercard,

Inc.

,

2.00%,

11/18/2031

50,000

41,964

3.95%,

2/26/2048

50,000

46,151

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024

35,000

33,774

4.40%,

6/1/2032

100,000

98,136

Visa,

Inc.

,

4.30%,

12/14/2045

100,000

96,895

967,024

Leisure

Products

0.1%

Hasbro,

Inc.

,

3.55%,

11/19/2026

100,000

95,302

3.90%,

11/19/2029

50,000

45,704

141,006

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029(a)

100,000

88,703

Danaher

Corp.

,

2.60%,

10/1/2050

75,000

51,808

PerkinElmer,

Inc.

,

3.30%,

9/15/2029

50,000

45,022

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028

40,000

34,859

2.60%,

10/1/2029

65,000

58,785

279,177

Machinery

0.3%

Caterpillar,

Inc.

,

3.25%,

9/19/2049

75,000

61,435

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

200,000

195,741

Deere

&

Co.

,

3.90%,

6/9/2042

100,000

94,327

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

50,000

51,741

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

50,000

39,213

Parker-Hannifin

Corp.

,

3.25%,

6/14/2029

100,000

92,604

Snap-on,

Inc.

,

3.10%,

5/1/2050

50,000

38,590

Stanley

Black

&

Decker,

Inc.

,

3.00%,

5/15/2032

10,000

8,661

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.00%,

3/15/2060(b)

50,000

44,058

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(d)

100,000

99,334

725,704

Media

0.8%

Charter

Communications

Operating

LLC

,

3.75%,

2/15/2028

250,000

232,976

2.25%,

1/15/2029

25,000

20,956

2.80%,

4/1/2031

200,000

163,769

3.50%,

3/1/2042

50,000

34,777

3.70%,

4/1/2051

100,000

66,436

5.25%,

4/1/2053

50,000

41,989

Comcast

Corp.

,

3.70%,

4/15/2024

100,000

98,858

3.40%,

4/1/2030

100,000

93,826

3.97%,

11/1/2047

146,000

125,911

4.70%,

10/15/2048

225,000

216,973

2.89%,

11/1/2051

100,000

69,810

4.95%,

10/15/2058

12,000

11,911

2.99%,

11/1/2063

19,000

12,733

Discovery

Communications

LLC

,

5.20%,

9/20/2047

50,000

41,830

Fox

Corp.

,

5.48%,

1/25/2039

50,000

48,529

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

250,000

242,349

Paramount

Global

,

5.50%,

5/15/2033

82,000

77,412

4.38%,

3/15/2043

50,000

36,892

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

90,000

92,530

WPP

Finance

2010

,

3.75%,

9/19/2024

250,000

244,597

1,975,064

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

6.55%,

11/29/2027

25,000

26,114

6.80%,

11/29/2032

25,000

26,279

BHP

Billiton

Finance

USA

Ltd.

,

5.00%,

9/30/2043

50,000

51,737

Freeport-McMoRan,

Inc.

,

5.45%,

3/15/2043(a)

25,000

24,288

Newmont

Corp.

,

2.60%,

7/15/2032

60,000

50,250

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

80,000

85,363

Southern

Copper

Corp.

,

6.75%,

4/16/2040

50,000

57,000

Teck

Resources

Ltd.

,

5.20%,

3/1/2042

50,000

46,389

Vale

Overseas

Ltd.

,

8.25%,

1/17/2034

80,000

96,474

463,894

Multiline

Retail

0.1%

Dollar

General

Corp.

,

4.13%,

4/3/2050

50,000

42,278

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031

25,000

21,063

3.38%,

12/1/2051

25,000

18,107

Target

Corp.

,

2.50%,

4/15/2026(a)

250,000

237,603

3.90%,

11/15/2047

50,000

43,628

362,679

Multi-Utilities

0.4%

Berkshire

Hathaway

Energy

Co.

,

3.50%,

2/1/2025

250,000

244,587

4.45%,

1/15/2049

50,000

46,200

4.25%,

10/15/2050

100,000

88,667

4.60%,

5/1/2053(c)

20,000

18,787

Black

Hills

Corp.

,

3.05%,

10/15/2029

25,000

21,986

CMS

Energy

Corp.

,

3.00%,

5/15/2026

50,000

47,208

Consolidated

Edison

Co.

of

New

York,

Inc.

,

3.70%,

11/15/2059

100,000

78,011

Consumers

Energy

Co.

,

3.75%,

2/15/2050

50,000

41,978

NiSource,

Inc.

,

4.38%,

5/15/2047(a)

100,000

89,932

Puget

Sound

Energy,

Inc.

,

3.25%,

9/15/2049

100,000

73,658

San

Diego

Gas

&

Electric

Co.

,

6.00%,

6/1/2039

30,000

32,723

Sempra

Energy

,

4.00%,

2/1/2048(a)

50,000

41,997

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

50,000

40,207

WEC

Energy

Group,

Inc.

,

1.80%,

10/15/2030

100,000

81,026

946,967

Oil,

Gas

&

Consumable

Fuels

1.7%

BP

Capital

Markets

America,

Inc.

,

4.23%,

11/6/2028

150,000

149,388

1.75%,

8/10/2030

200,000

166,511

2.72%,

1/12/2032

100,000

87,398

12

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Canadian

Natural

Resources

Ltd.

,

6.25%,

3/15/2038

35,000

37,461

Cenovus

Energy,

Inc.

,

6.75%,

11/15/2039

15,000

16,431

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

100,000

100,753

2.74%,

12/31/2039

25,000

20,490

Chevron

Corp.

,

2.95%,

5/16/2026

250,000

240,183

Chevron

USA,

Inc.

,

3.90%,

11/15/2024

250,000

247,733

CNOOC

Finance

2014

ULC

,

4.25%,

4/30/2024

200,000

198,133

CNOOC

Petroleum

North

America

ULC

,

6.40%,

5/15/2037

50,000

53,763

ConocoPhillips

Co.

,

4.03%,

3/15/2062

100,000

86,286

Devon

Energy

Corp.

,

5.00%,

6/15/2045

50,000

45,908

Diamondback

Energy,

Inc.

,

4.25%,

3/15/2052

25,000

20,127

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

50,000

59,790

Energy

Transfer

LP

,

4.75%,

1/15/2026

100,000

99,104

5.25%,

4/15/2029

100,000

100,935

3.75%,

5/15/2030

150,000

137,475

5.00%,

5/15/2050

100,000

87,269

Enterprise

Products

Operating

LLC

,

4.95%,

10/15/2054

150,000

138,018

Equinor

ASA

,

3.70%,

4/6/2050

100,000

85,132

Exxon

Mobil

Corp.

,

2.71%,

3/6/2025

250,000

242,473

2.99%,

3/19/2025

200,000

194,451

3.00%,

8/16/2039

50,000

41,033

4.11%,

3/1/2046

100,000

91,009

Hess

Corp.

,

4.30%,

4/1/2027

100,000

97,950

Kinder

Morgan

Energy

Partners

LP

,

5.80%,

3/15/2035

80,000

82,033

Kinder

Morgan,

Inc.

,

4.80%,

2/1/2033

50,000

48,349

5.55%,

6/1/2045

50,000

48,723

5.45%,

8/1/2052

25,000

23,995

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

50,000

40,861

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

52,000

55,741

Marathon

Petroleum

Corp.

,

3.80%,

4/1/2028

50,000

47,342

MPLX

LP

,

4.50%,

4/15/2038

25,000

22,711

4.70%,

4/15/2048

50,000

43,144

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

MPLX

LP,

4.95%,

3/14/2052

25,000

22,157

ONEOK,

Inc.

,

4.95%,

7/13/2047

50,000

43,679

5.20%,

7/15/2048

30,000

27,128

Phillips

66

,

5.88%,

5/1/2042

100,000

109,287

Plains

All

American

Pipeline

LP

,

4.70%,

6/15/2044

50,000

41,140

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

250,000

250,462

Suncor

Energy,

Inc.

,

4.00%,

11/15/2047

40,000

33,584

Targa

Resources

Corp.

,

5.20%,

7/1/2027

25,000

25,136

6.25%,

7/1/2052

25,000

25,347

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029

100,000

95,238

3.46%,

7/12/2049

50,000

40,415

TransCanada

PipeLines

Ltd.

,

5.10%,

3/15/2049

90,000

88,836

Valero

Energy

Corp.

,

6.63%,

6/15/2037

70,000

78,053

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

25,000

21,160

5.40%,

3/4/2044

100,000

97,676

4,257,401

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

63,011

Suzano

Austria

GmbH

,

3.75%,

1/15/2031

100,000

85,524

148,535

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

3.13%,

12/1/2049

30,000

23,561

Pharmaceuticals

0.8%

AstraZeneca

plc

,

4.38%,

8/17/2048

100,000

96,081

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

19,000

18,549

3.40%,

7/26/2029

200,000

190,618

3.55%,

3/15/2042

50,000

43,312

3.90%,

3/15/2062

70,000

59,042

Eli

Lilly

&

Co.

,

2.25%,

5/15/2050

60,000

40,496

GlaxoSmithKline

Capital,

Inc.

,

5.38%,

4/15/2034

90,000

96,333

Johnson

&

Johnson

,

4.95%,

5/15/2033

287,000

310,689

Merck

&

Co.,

Inc.

,

4.15%,

5/18/2043

100,000

94,682

4.00%,

3/7/2049

100,000

90,861

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Novartis

Capital

Corp.

,

2.20%,

8/14/2030

100,000

88,089

2.75%,

8/14/2050

50,000

37,378

Pfizer,

Inc.

,

1.75%,

8/18/2031(a)

100,000

83,583

4.13%,

12/15/2046

200,000

188,904

Royalty

Pharma

plc

,

3.55%,

9/2/2050

75,000

52,854

Sanofi

,

3.63%,

6/19/2028

50,000

48,798

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

168,975

Utah

Acquisition

Sub,

Inc.

,

5.25%,

6/15/2046

20,000

16,687

Viatris,

Inc.

,

4.00%,

6/22/2050

50,000

34,657

Zoetis,

Inc.

,

4.50%,

11/13/2025

115,000

114,671

4.70%,

2/1/2043

50,000

47,793

1,923,052

Professional

Services

0.0%

†

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

140,000

134,203

Road

&

Rail

0.4%

Burlington

Northern

Santa

Fe

LLC

,

5.05%,

3/1/2041

100,000

102,225

2.88%,

6/15/2052

25,000

18,056

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

118,000

132,391

6.20%,

6/1/2036

30,000

34,186

Canadian

Pacific

Railway

Co.

,

2.45%,

12/2/2031

50,000

43,179

6.13%,

9/15/2115

10,000

10,978

CSX

Corp.

,

5.50%,

4/15/2041

50,000

52,563

3.95%,

5/1/2050

100,000

85,037

Kansas

City

Southern

,

4.20%,

11/15/2069

25,000

21,100

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

50,000

44,210

2.30%,

5/15/2031

100,000

85,178

4.45%,

6/15/2045

50,000

45,783

Ryder

System,

Inc.

,

2.90%,

12/1/2026

90,000

83,323

Union

Pacific

Corp.

,

3.60%,

9/15/2037

100,000

88,817

3.25%,

2/5/2050

80,000

62,418

3.84%,

3/20/2060

65,000

53,840

963,284

Semiconductors

&

Semiconductor

Equipment

0.6%

Applied

Materials,

Inc.

,

5.85%,

6/15/2041

50,000

56,780

Broadcom,

Inc.

,

4.15%,

11/15/2030

128,000

119,402

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Broadcom,

Inc.,

4.93%,

5/15/2037(c)

171,000

156,955

3.50%,

2/15/2041(c)

50,000

38,217

Intel

Corp.

,

3.70%,

7/29/2025

150,000

146,719

3.75%,

3/25/2027

100,000

97,870

2.45%,

11/15/2029

100,000

87,893

2.80%,

8/12/2041

45,000

33,054

3.05%,

8/12/2051

100,000

69,195

3.10%,

2/15/2060

35,000

23,291

KLA

Corp.

,

3.30%,

3/1/2050

50,000

38,803

Lam

Research

Corp.

,

3.80%,

3/15/2025

145,000

142,800

2.88%,

6/15/2050

55,000

39,666

Micron

Technology,

Inc.

,

4.19%,

2/15/2027

100,000

97,481

NVIDIA

Corp.

,

3.50%,

4/1/2050

40,000

32,793

NXP

BV

,

4.30%,

6/18/2029

50,000

48,084

5.00%,

1/15/2033

50,000

49,024

QUALCOMM,

Inc.

,

1.65%,

5/20/2032

100,000

80,520

4.65%,

5/20/2035

100,000

102,181

Xilinx,

Inc.

,

2.95%,

6/1/2024

100,000

97,645

1,558,373

Software

0.5%

Adobe,

Inc.

,

3.25%,

2/1/2025(a)

70,000

68,336

Microsoft

Corp.

,

3.50%,

2/12/2035

65,000

61,218

2.92%,

3/17/2052

250,000

191,150

Oracle

Corp.

,

2.65%,

7/15/2026

45,000

42,136

2.88%,

3/25/2031

200,000

172,264

6.25%,

11/9/2032

20,000

21,739

4.30%,

7/8/2034

100,000

92,463

3.60%,

4/1/2040

100,000

79,233

6.90%,

11/9/2052

20,000

23,135

3.85%,

4/1/2060

150,000

108,408

Roper

Technologies,

Inc.

,

1.00%,

9/15/2025

60,000

54,426

1.75%,

2/15/2031

100,000

80,219

Salesforce,

Inc.

,

2.90%,

7/15/2051

100,000

71,431

ServiceNow,

Inc.

,

1.40%,

9/1/2030

75,000

59,276

VMware,

Inc.

,

2.20%,

8/15/2031

100,000

79,254

Workday,

Inc.

,

3.80%,

4/1/2032

30,000

27,411

1,232,099

Specialty

Retail

0.2%

AutoNation,

Inc.

,

2.40%,

8/1/2031(a)

25,000

18,964

14

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The)

,

3.25%,

4/15/2032(a)

25,000

22,996

5.88%,

12/16/2036

25,000

28,077

4.40%,

3/15/2045

100,000

95,381

4.50%,

12/6/2048

100,000

96,403

Lowe's

Cos.,

Inc.

,

3.65%,

4/5/2029

100,000

94,621

3.75%,

4/1/2032

85,000

78,845

3.00%,

10/15/2050

80,000

54,937

4.25%,

4/1/2052

35,000

29,742

TJX

Cos.,

Inc.

(The)

,

3.88%,

4/15/2030

100,000

96,664

616,630

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

,

3.45%,

5/6/2024

300,000

296,962

2.50%,

2/9/2025

170,000

164,047

2.45%,

8/4/2026(a)

190,000

179,104

3.00%,

11/13/2027(a)

100,000

95,324

1.65%,

5/11/2030

25,000

21,052

1.65%,

2/8/2031

200,000

165,828

3.85%,

5/4/2043

150,000

136,337

4.38%,

5/13/2045

145,000

141,128

2.80%,

2/8/2061

60,000

41,141

Dell

International

LLC

,

3.38%,

12/15/2041(c)

25,000

18,001

8.35%,

7/15/2046

30,000

36,209

Hewlett

Packard

Enterprise

Co.

,

6.35%,

10/15/2045(d)

50,000

52,706

HP,

Inc.

,

4.00%,

4/15/2029

10,000

9,443

4.20%,

4/15/2032

10,000

8,923

6.00%,

9/15/2041

50,000

50,806

1,417,011

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030(a)

50,000

46,020

3.38%,

11/1/2046

30,000

25,104

71,124

Thrifts

&

Mortgage

Finance

0.1%

BPCE

SA

,

4.00%,

4/15/2024

250,000

247,174

Tobacco

0.3%

Altria

Group,

Inc.

,

3.88%,

9/16/2046

170,000

120,543

BAT

Capital

Corp.

,

3.22%,

8/15/2024

150,000

145,907

4.39%,

8/15/2037

100,000

82,148

Philip

Morris

International,

Inc.

,

5.13%,

11/15/2024

20,000

20,140

5.00%,

11/17/2025

20,000

20,267

5.13%,

11/17/2027

20,000

20,441

5.63%,

11/17/2029

20,000

20,888

4.13%,

3/4/2043

100,000

84,184

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

100,000

98,177

5.70%,

8/15/2035

75,000

71,760

684,455

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.63%,

12/1/2027

150,000

140,405

Aircastle

Ltd.

,

4.13%,

5/1/2024

100,000

97,789

GATX

Corp.

,

4.00%,

6/30/2030

100,000

92,553

330,747

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

50,000

45,122

Wireless

Telecommunication

Services

0.2%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

83,000

92,435

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025(c)

10,000

9,603

3.20%,

3/15/2027(c)

10,000

9,404

5.00%,

3/15/2044

100,000

91,566

T-Mobile

USA,

Inc.

,

3.88%,

4/15/2030

100,000

93,658

4.38%,

4/15/2040

100,000

90,483

4.50%,

4/15/2050

100,000

88,312

5.65%,

1/15/2053

30,000

31,297

Vodafone

Group

plc

,

4.25%,

9/17/2050

90,000

74,655

581,413

Total

Corporate

Bonds

(cost

$69,261,180)

63,082,799

Foreign

Government

Securities

1.5%

CANADA

0.2%

Province

of

Alberta,

3.30%,

3/15/2028

100,000

96,859

Province

of

New

Brunswick,

3.63%,

2/24/2028

100,000

98,082

Province

of

Ontario,

1.13%,

10/7/2030

200,000

162,765

Province

of

Quebec,

7.50%,

9/15/2029

50,000

59,886

417,592

CHILE

0.0%

†

Republic

of

Chile,

3.10%,

1/22/2061

200,000

131,634

HUNGARY

0.1%

Hungary

Government

Bond,

5.38%,

3/25/2024

200,000

200,555

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

INDONESIA

0.1%

Republic

of

Indonesia,

1.85%,

3/12/2031

200,000

163,020

3.55%,

3/31/2032

200,000

183,509

346,529

ISRAEL

0.1%

State

of

Israel

Government

Bond,

2.75%,

7/3/2030

200,000

181,700

ITALY

0.1%

Italian

Republic

Government

Bond,

2.38%,

10/17/2024

200,000

189,377

2.88%,

10/17/2029

200,000

170,465

359,842

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

2.00%,

10/17/2029

200,000

174,696

MEXICO

0.2%

United

Mexican

States,

4.50%,

4/22/2029

200,000

195,819

5.00%,

4/27/2051

300,000

258,399

5.75%,

10/12/2110

50,000

45,128

499,346

PANAMA

0.1%

Republic

of

Panama,

6.70%,

1/26/2036

200,000

215,901

PERU

0.1%

Republic

of

Peru,

3.00%,

1/15/2034

120,000

97,405

3.30%,

3/11/2041

120,000

90,234

187,639

PHILIPPINES

0.1%

Republic

of

Philippines,

6.38%,

10/23/2034

250,000

283,750

SOUTH

KOREA

0.3%

Export-Import

Bank

of

Korea,

2.88%,

1/21/2025

350,000

337,926

Republic

of

Korea,

5.63%,

11/3/2025

200,000

203,560

2.50%,

6/19/2029

200,000

183,855

725,341

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay,

5.10%,

6/18/2050

100,000

100,892

Total

Foreign

Government

Securities

(cost

$4,147,495)

3,825,417

Mortgage-Backed

Securities

27.5%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C00351

8.00%,

7/1/2024

33

33

Pool#

D60780

8.00%,

6/1/2025

200

200

Pool#

G30267

5.00%,

8/1/2025

23,557

23,888

Pool#

J18127

3.00%,

3/1/2027

48,341

46,880

Pool#

J18702

3.00%,

3/1/2027

42,689

41,436

Pool#

J19106

3.00%,

5/1/2027

19,294

18,712

Pool#

D82854

7.00%,

10/1/2027

16

16

Pool#

C00566

7.50%,

12/1/2027

229

236

Pool#

C18271

7.00%,

11/1/2028

803

815

Pool#

C00678

7.00%,

11/1/2028

222

227

Pool#

C00836

7.00%,

7/1/2029

185

191

Pool#

C31285

7.00%,

9/1/2029

316

322

Pool#

C37436

8.00%,

1/1/2030

549

578

Pool#

C36429

7.00%,

2/1/2030

340

340

Pool#

C36306

7.00%,

2/1/2030

301

302

Pool#

C00921

7.50%,

2/1/2030

386

404

Pool#

G01108

7.00%,

4/1/2030

138

143

Pool#

C37703

7.50%,

4/1/2030

214

214

Pool#

J32255

3.00%,

7/1/2030

14,419

14,057

Pool#

C41561

8.00%,

8/1/2030

1,082

1,090

Pool#

C01051

8.00%,

9/1/2030

571

605

Pool#

C43550

7.00%,

10/1/2030

785

785

Pool#

C44017

7.50%,

10/1/2030

252

252

Pool#

C43967

8.00%,

10/1/2030

795

794

Pool#

C44957

8.00%,

11/1/2030

492

492

Pool#

C01106

7.00%,

12/1/2030

2,745

2,852

Pool#

C01103

7.50%,

12/1/2030

286

306

Pool#

C46932

7.50%,

1/1/2031

370

371

Pool#

C01116

7.50%,

1/1/2031

272

286

Pool#

G01217

7.00%,

3/1/2031

2,814

2,937

16

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C48206

7.50%,

3/1/2031

980

979

Pool#

C91366

4.50%,

4/1/2031

40,652

41,387

Pool#

G18605

3.00%,

6/1/2031

6,676

6,507

Pool#

C91377

4.50%,

6/1/2031

21,695

22,087

Pool#

C53324

7.00%,

6/1/2031

902

908

Pool#

C01209

8.00%,

6/1/2031

192

192

Pool#

C54792

7.00%,

7/1/2031

800

800

Pool#

J35107

2.50%,

8/1/2031

20,571

19,530

Pool#

G01309

7.00%,

8/1/2031

333

344

Pool#

G01311

7.00%,

9/1/2031

2,716

2,812

Pool#

C01222

7.00%,

9/1/2031

399

419

Pool#

G01315

7.00%,

9/1/2031

100

104

Pool#

J35522

2.50%,

10/1/2031

84,813

80,514

Pool#

C58694

7.00%,

10/1/2031

2,510

2,550

Pool#

C60012

7.00%,

11/1/2031

383

383

Pool#

C61298

8.00%,

11/1/2031

1,405

1,408

Pool#

J35957

2.50%,

12/1/2031

156,630

148,687

Pool#

C61105

7.00%,

12/1/2031

3,062

3,095

Pool#

C63171

7.00%,

1/1/2032

2,201

2,269

Pool#

V61548

2.50%,

2/1/2032

177,783

169,053

Pool#

G01391

7.00%,

4/1/2032

5,165

5,462

Pool#

C01345

7.00%,

4/1/2032

1,841

1,935

Pool#

C01370

8.00%,

4/1/2032

438

456

Pool#

G16285

3.50%,

5/1/2032

12,507

12,299

Pool#

C01381

8.00%,

5/1/2032

5,564

5,832

Pool#

C68290

7.00%,

6/1/2032

1,381

1,403

Pool#

C68300

7.00%,

6/1/2032

536

535

Pool#

G01449

7.00%,

7/1/2032

3,182

3,313

Pool#

C69908

7.00%,

8/1/2032

14,145

14,550

Pool#

C91558

3.50%,

9/1/2032

47,797

47,011

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G16407

2.50%,

1/1/2033

63,526

60,019

Pool#

G01536

7.00%,

3/1/2033

5,131

5,378

Pool#

G30646

3.00%,

5/1/2033

77,634

75,043

Pool#

G30642

3.00%,

5/1/2033

39,690

38,267

Pool#

K90535

3.00%,

5/1/2033

17,457

16,875

Pool#

A16419

6.50%,

11/1/2033

9,158

9,523

Pool#

A16522

6.50%,

12/1/2033

7,596

8,022

Pool#

C01806

7.00%,

1/1/2034

7,013

7,040

Pool#

A21356

6.50%,

4/1/2034

29,168

30,691

Pool#

C01851

6.50%,

4/1/2034

11,279

11,779

Pool#

A24301

6.50%,

5/1/2034

17,147

17,764

Pool#

A22067

6.50%,

5/1/2034

8,794

9,233

Pool#

A24988

6.50%,

7/1/2034

6,816

7,061

Pool#

G01741

6.50%,

10/1/2034

3,972

4,155

Pool#

G08023

6.50%,

11/1/2034

8,465

9,016

Pool#

G08064

6.50%,

4/1/2035

4,144

4,435

Pool#

G01947

7.00%,

5/1/2035

4,031

4,200

Pool#

A39759

5.50%,

11/1/2035

2,745

2,857

Pool#

A40376

5.50%,

12/1/2035

1,697

1,758

Pool#

A42305

5.50%,

1/1/2036

5,258

5,432

Pool#

A41548

7.00%,

1/1/2036

4,235

4,229

Pool#

G08111

5.50%,

2/1/2036

9,129

9,584

Pool#

A43861

5.50%,

3/1/2036

30,558

31,220

Pool#

G08116

5.50%,

3/1/2036

11,039

11,602

Pool#

A43534

6.50%,

3/1/2036

1,294

1,340

Pool#

A48735

5.50%,

5/1/2036

4,488

4,567

Pool#

G08136

6.50%,

6/1/2036

4,778

5,097

Pool#

A53039

6.50%,

10/1/2036

28,991

30,068

Pool#

C91982

3.50%,

3/1/2038

40,235

38,974

Pool#

G04251

6.50%,

4/1/2038

2,012

2,121

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G04569

6.50%,

8/1/2038

2,754

2,878

Pool#

A84252

6.50%,

1/1/2039

11,674

12,229

Pool#

A84287

6.50%,

1/1/2039

7,258

7,591

Pool#

G60342

4.50%,

5/1/2042

59,485

60,515

Pool#

G07158

3.50%,

10/1/2042

65,554

63,330

Pool#

G07163

3.50%,

10/1/2042

59,682

57,664

Pool#

Q12051

3.50%,

10/1/2042

58,238

56,268

Pool#

Q11532

3.50%,

10/1/2042

46,454

44,878

Pool#

Q12052

3.50%,

10/1/2042

25,485

24,620

Pool#

C09020

3.50%,

11/1/2042

221,105

213,580

Pool#

G07264

3.50%,

12/1/2042

95,531

92,260

Pool#

Q14292

3.50%,

1/1/2043

25,833

24,956

Pool#

Q14881

3.50%,

1/1/2043

21,424

20,686

Pool#

V80002

2.50%,

4/1/2043

159,365

142,117

Pool#

Q16915

3.00%,

4/1/2043

287,432

270,603

Pool#

Q17675

3.50%,

4/1/2043

124,463

120,252

Pool#

G07410

3.50%,

7/1/2043

51,797

50,044

Pool#

Q20332

3.50%,

7/1/2043

9,578

9,245

Pool#

G07946

4.00%,

7/1/2044

52,491

51,784

Pool#

Q28607

3.50%,

9/1/2044

49,336

47,586

Pool#

G61231

3.50%,

9/1/2044

7,663

7,398

Pool#

G08609

3.50%,

10/1/2044

19,107

18,390

Pool#

Q30833

4.00%,

1/1/2045

4,693

4,629

Pool#

V81873

4.00%,

8/1/2045

9,113

8,990

Pool#

G08669

4.00%,

9/1/2045

49,024

48,363

Pool#

Q38357

4.00%,

1/1/2046

3,343

3,298

Pool#

G61365

4.50%,

1/1/2046

41,527

41,874

Pool#

G08697

3.00%,

3/1/2046

74,905

69,568

Pool#

Q39440

4.00%,

3/1/2046

2,821

2,783

Pool#

G08704

4.50%,

4/1/2046

7,683

7,747

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q40097

4.50%,

4/1/2046

1,263

1,272

Pool#

Q40718

3.50%,

5/1/2046

13,897

13,297

Pool#

G08707

4.00%,

5/1/2046

61,103

60,267

Pool#

G08708

4.50%,

5/1/2046

5,302

5,346

Pool#

Q40728

4.50%,

5/1/2046

1,149

1,157

Pool#

Q41548

3.00%,

7/1/2046

14,337

13,345

Pool#

Q41903

3.50%,

7/1/2046

77,001

73,700

Pool#

Q41491

3.50%,

7/1/2046

7,574

7,250

Pool#

Q41935

3.50%,

7/1/2046

6,661

6,375

Pool#

G61791

4.00%,

7/1/2046

8,776

8,658

Pool#

Q41947

4.50%,

7/1/2046

1,644

1,649

Pool#

G08715

3.00%,

8/1/2046

103,727

96,360

Pool#

Q42596

3.50%,

8/1/2046

65,761

63,165

Pool#

Q42203

3.50%,

8/1/2046

11,010

10,553

Pool#

Q42393

3.50%,

8/1/2046

9,563

9,155

Pool#

G61323

3.00%,

9/1/2046

133,824

125,991

Pool#

G08721

3.00%,

9/1/2046

77,144

71,637

Pool#

V82617

3.50%,

9/1/2046

50,212

48,059

Pool#

G08722

3.50%,

9/1/2046

10,877

10,451

Pool#

G60733

4.50%,

9/1/2046

22,184

22,370

Pool#

G60722

3.00%,

10/1/2046

206,528

191,860

Pool#

Q44035

3.00%,

10/1/2046

97,793

90,706

Pool#

G61815

4.00%,

10/1/2046

5,464

5,391

Pool#

G61257

3.00%,

11/1/2046

188,715

174,843

Pool#

Q44452

3.00%,

11/1/2046

43,600

40,395

Pool#

G08732

3.00%,

11/1/2046

12,479

11,547

Pool#

Q44473

3.50%,

11/1/2046

10,316

9,878

Pool#

Q44223

3.50%,

11/1/2046

6,015

5,757

Pool#

G08734

4.00%,

11/1/2046

99,553

98,067

Pool#

G08737

3.00%,

12/1/2046

542,944

503,403

18

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60989

3.00%,

12/1/2046

80,941

75,191

Pool#

Q45878

3.00%,

12/1/2046

14,453

13,373

Pool#

G61862

3.50%,

12/1/2046

12,399

11,877

Pool#

G08741

3.00%,

1/1/2047

111,564

103,398

Pool#

G08747

3.00%,

2/1/2047

189,435

175,567

Pool#

G08748

3.50%,

2/1/2047

17,760

17,035

Pool#

Q47484

3.50%,

4/1/2047

20,629

19,739

Pool#

G60988

3.00%,

5/1/2047

454,984

422,827

Pool#

Q48098

3.50%,

5/1/2047

65,596

62,784

Pool#

G61390

3.00%,

6/1/2047

169,519

157,116

Pool#

G61339

3.00%,

8/1/2047

41,867

38,834

Pool#

Q53085

3.00%,

9/1/2047

30,404

28,365

Pool#

G61622

3.00%,

10/1/2047

100,803

93,573

Pool#

G08785

4.00%,

10/1/2047

4,115

4,015

Pool#

Q52075

4.00%,

11/1/2047

70,040

68,960

Pool#

T65458

3.50%,

2/1/2048

71,332

66,642

Pool#

G08800

3.50%,

2/1/2048

9,412

9,000

Pool#

G08801

4.00%,

2/1/2048

28,037

27,526

Pool#

Q54727

3.50%,

3/1/2048

25,990

24,863

Pool#

Q55401

5.00%,

4/1/2048

6,002

6,119

Pool#

G08817

4.00%,

6/1/2048

5,862

5,742

Pool#

G08827

4.50%,

7/1/2048

45,006

45,297

Pool#

Q57401

4.50%,

7/1/2048

14,964

15,193

Pool#

Q57402

4.50%,

7/1/2048

6,005

6,116

Pool#

G08831

4.00%,

8/1/2048

47,957

47,073

Pool#

G67716

4.50%,

10/1/2048

55,329

56,175

Pool#

G61846

4.00%,

1/1/2049

81

80

Pool#

V85279

3.50%,

4/1/2049

20,637

19,770

FHLMC

Non

Gold

Pool

Pool#

1B8478

3.98%,

7/1/2041(e)

15,228

15,506

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Non

Gold

Pool

Pool#

2B0108

4.15%,

1/1/2042(e)

1,325

1,302

FHLMC

UMBS

Pool

Pool#

SB0383

2.50%,

4/1/2032

358,200

340,282

Pool#

SB8500

2.50%,

7/1/2035

247,894

232,089

Pool#

SB0479

2.50%,

10/1/2035

54,477

51,134

Pool#

RC1826

2.00%,

2/1/2036

246,018

224,172

Pool#

SB8092

1.50%,

3/1/2036

59,319

52,595

Pool#

RC1887

2.00%,

3/1/2036

384,453

350,317

Pool#

RC2045

2.00%,

6/1/2036

19,904

18,137

Pool#

QN8913

2.00%,

12/1/2036

67,865

61,820

Pool#

RC2402

2.00%,

1/1/2037

89,311

81,378

Pool#

RC2399

2.00%,

1/1/2037

67,866

61,836

Pool#

SB8140

1.50%,

2/1/2037

160,885

142,640

Pool#

SB8144

1.50%,

3/1/2037

185,350

164,274

Pool#

QN9700

1.50%,

3/1/2037

35,077

31,088

Pool#

SB8148

2.00%,

4/1/2037

70,308

63,888

Pool#

SB8158

2.00%,

6/1/2037

70,979

64,672

Pool#

ZM2339

3.50%,

1/1/2047

62,263

59,471

Pool#

RA3022

2.50%,

6/1/2050

214,346

189,353

Pool#

SD7521

2.50%,

7/1/2050

565,105

503,993

Pool#

SD7523

2.50%,

8/1/2050

266,222

236,970

Pool#

RA3382

3.00%,

8/1/2050

203,383

186,518

Pool#

SD1143

4.50%,

9/1/2050

98,727

99,074

Pool#

SD0514

2.00%,

10/1/2050

219,355

185,970

Pool#

RA3723

2.00%,

10/1/2050

116,472

98,430

Pool#

RA3932

2.50%,

11/1/2050

243,637

216,456

Pool#

RA3987

2.50%,

11/1/2050

134,004

118,220

Pool#

RA4351

2.50%,

1/1/2051

289,385

255,164

Pool#

RA4410

2.50%,

1/1/2051

206,911

182,620

Pool#

RA4652

2.00%,

2/1/2051

1,321,464

1,115,694

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA4493

2.00%,

2/1/2051

840,434

709,572

Pool#

QB9104

2.00%,

2/1/2051

354,300

299,198

Pool#

RA4737

2.00%,

3/1/2051

1,043,438

881,345

Pool#

RA4718

2.00%,

3/1/2051

587,302

495,857

Pool#

RA4727

2.00%,

3/1/2051

330,167

278,754

Pool#

SD7537

2.00%,

3/1/2051

151,770

128,193

Pool#

SD8140

2.00%,

4/1/2051

1,469,392

1,240,596

Pool#

SD0576

2.50%,

4/1/2051

70,328

62,040

Pool#

SD8145

1.50%,

5/1/2051

934,539

747,957

Pool#

QC2070

2.00%,

5/1/2051

66,141

56,075

Pool#

RA5436

2.00%,

6/1/2051

200,765

169,320

Pool#

RA5398

2.00%,

7/1/2051

246,039

208,589

Pool#

RA6091

2.00%,

10/1/2051

206,221

174,687

Pool#

RA6236

2.00%,

11/1/2051

231,465

195,051

Pool#

SD8182

2.00%,

12/1/2051

918,399

773,772

Pool#

RA6959

2.50%,

3/1/2052

46,920

41,119

Pool#

QE0374

2.50%,

4/1/2052

265,507

232,707

Pool#

SD8212

2.50%,

5/1/2052

248,774

217,982

Pool#

RA7933

5.00%,

9/1/2052

74,205

75,326

FNMA

Pool

Pool#

AC9890

2.75%,

4/1/2040(e)

104,558

104,612

Pool#

AJ1249

4.07%,

9/1/2041(e)

33,442

34,011

Pool#

AL1437

4.07%,

1/1/2042(e)

6,935

6,956

Pool#

AK0714

3.31%,

2/1/2042(e)

1,946

1,916

Pool#

AP1961

3.94%,

8/1/2042(e)

16,068

16,377

Pool#

BF0206

4.00%,

2/1/2047

34,681

33,653

Pool#

BF0200

3.50%,

11/1/2051

192,113

182,566

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

4,963

4,929

Pool#

935348

5.50%,

6/1/2024

502

500

Pool#

AC1374

4.00%,

8/1/2024

6,973

6,989

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AC1529

4.50%,

9/1/2024

4,244

4,288

Pool#

AD0244

4.50%,

10/1/2024

2,997

3,031

Pool#

AH1361

3.50%,

12/1/2025

28,293

27,844

Pool#

AH1518

3.50%,

12/1/2025

13,053

12,771

Pool#

AE6384

4.00%,

1/1/2026

2,559

2,541

Pool#

AP4746

3.00%,

8/1/2027

28,769

27,867

Pool#

AP4640

3.00%,

9/1/2027

25,268

24,469

Pool#

AQ5096

3.00%,

11/1/2027

42,456

41,103

Pool#

AQ4532

3.00%,

11/1/2027

36,130

34,939

Pool#

AQ3758

3.00%,

11/1/2027

26,275

25,421

Pool#

AB6886

3.00%,

11/1/2027

17,533

16,971

Pool#

AS0487

2.50%,

9/1/2028

89,214

85,281

Pool#

930998

4.50%,

4/1/2029

2,335

2,347

Pool#

MA0243

5.00%,

11/1/2029

6,208

6,352

Pool#

AL8077

3.50%,

12/1/2029

7,313

7,202

Pool#

MA0268

5.00%,

12/1/2029

6,327

6,474

Pool#

AD5655

5.00%,

5/1/2030

15,266

15,622

Pool#

MA0443

5.00%,

5/1/2030

8,043

8,230

Pool#

AB1038

5.00%,

5/1/2030

6,953

7,115

Pool#

AS5420

3.00%,

7/1/2030

32,692

31,837

Pool#

MA0559

5.00%,

9/1/2030

3,042

3,112

Pool#

AZ9234

3.50%,

10/1/2030

7,612

7,459

Pool#

AH1515

4.00%,

12/1/2030

129,061

128,470

Pool#

AD0716

6.50%,

12/1/2030

85,894

88,939

Pool#

MA0641

4.00%,

2/1/2031

122,636

122,074

Pool#

560868

7.50%,

2/1/2031

361

361

Pool#

BC5968

2.50%,

4/1/2031

29,929

28,468

Pool#

BC4430

3.00%,

4/1/2031

10,188

9,896

Pool#

AL8566

3.00%,

6/1/2031

33,014

32,152

Pool#

AL8565

3.00%,

6/1/2031

31,080

30,267

20

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8028

2.50%,

9/1/2031

90,346

85,822

Pool#

607212

7.50%,

10/1/2031

1,986

1,985

Pool#

BM3814

2.50%,

12/1/2031

49,619

47,138

Pool#

AS8609

3.00%,

1/1/2032

42,983

41,858

Pool#

AL9585

3.50%,

1/1/2032

11,101

10,932

Pool#

BM4624

3.00%,

2/1/2032

37,240

36,267

Pool#

AS8767

3.00%,

2/1/2032

32,648

31,794

Pool#

AL9871

3.00%,

2/1/2032

15,085

14,691

Pool#

BM3269

2.50%,

4/1/2032

82,738

78,594

Pool#

BM4088

3.00%,

6/1/2032

31,698

30,870

Pool#

MA1107

3.50%,

7/1/2032

30,549

29,781

Pool#

BH6610

3.50%,

7/1/2032

9,228

9,051

Pool#

BM1669

3.00%,

8/1/2032

18,031

17,470

Pool#

BM5167

3.50%,

9/1/2032

7,535

7,420

Pool#

BH9391

3.50%,

10/1/2032

8,162

8,017

Pool#

BM3977

3.00%,

12/1/2032

67,454

65,357

Pool#

CA0951

3.00%,

12/1/2032

44,119

42,747

Pool#

FM1661

2.50%,

1/1/2033

191,458

183,082

Pool#

BM4338

2.50%,

1/1/2033

81,707

77,619

Pool#

656559

6.50%,

2/1/2033

9,109

9,429

Pool#

694846

6.50%,

4/1/2033

4,207

4,357

Pool#

AB9402

3.00%,

5/1/2033

104,921

101,061

Pool#

AB9403

3.00%,

5/1/2033

40,728

39,231

Pool#

MA1527

3.00%,

8/1/2033

182,308

175,599

Pool#

750229

6.50%,

10/1/2033

11,614

12,022

Pool#

725228

6.00%,

3/1/2034

246,480

257,847

Pool#

788027

6.50%,

9/1/2034

14,383

14,888

Pool#

FM4900

2.00%,

12/1/2035

61,063

55,642

Pool#

CA8789

2.00%,

2/1/2036

362,272

330,105

Pool#

CA9145

2.00%,

2/1/2036

295,819

269,571

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM5571

2.00%,

2/1/2036

167,506

152,636

Pool#

CA9475

2.00%,

3/1/2036

95,434

86,961

Pool#

CB0262

2.00%,

4/1/2036

1,938,470

1,766,322

Pool#

FM8538

2.00%,

8/1/2036

21,943

19,994

Pool#

AL4260

5.50%,

9/1/2036

19,761

20,636

Pool#

MA4441

1.50%,

10/1/2036

43,896

38,905

Pool#

FS0180

2.00%,

12/1/2036

136,611

124,480

Pool#

FS0155

2.00%,

12/1/2036

66,898

60,956

Pool#

BU1381

2.00%,

12/1/2036

45,162

41,139

Pool#

CB2709

2.00%,

1/1/2037

111,819

101,887

Pool#

MA4535

1.50%,

2/1/2037

300,490

266,324

Pool#

MA4566

1.50%,

3/1/2037

514,260

455,778

Pool#

MA4581

1.50%,

4/1/2037

79,341

70,318

Pool#

CB3441

2.50%,

4/1/2037

35,718

33,416

Pool#

FS2497

1.50%,

8/1/2037

42,987

38,112

Pool#

955194

7.00%,

11/1/2037

74,439

78,938

Pool#

AB1735

3.50%,

11/1/2040

4,831

4,663

Pool#

AB2067

3.50%,

1/1/2041

159,335

154,267

Pool#

AB2068

3.50%,

1/1/2041

89,879

86,744

Pool#

932888

3.50%,

1/1/2041

64,683

62,419

Pool#

932891

3.50%,

1/1/2041

10,872

10,493

Pool#

AI9920

4.00%,

9/1/2041

4,351

4,289

Pool#

AI9851

4.50%,

9/1/2041

22,886

23,193

Pool#

AJ5431

4.50%,

10/1/2041

49,257

49,986

Pool#

AJ4861

4.00%,

12/1/2041

73,804

72,918

Pool#

AX5316

4.50%,

1/1/2042

7,894

8,023

Pool#

AL2499

4.50%,

1/1/2042

2,506

2,547

Pool#

AW8167

3.50%,

2/1/2042

177,610

171,429

Pool#

AB5185

3.50%,

5/1/2042

136,753

131,993

Pool#

AO3575

4.50%,

5/1/2042

45,255

45,822

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AP2092

4.50%,

8/1/2042

11,387

11,343

Pool#

AP7489

4.00%,

9/1/2042

214,129

211,425

Pool#

AL2782

4.50%,

9/1/2042

31,536

32,050

Pool#

AL2677

3.50%,

11/1/2042

83,332

80,431

Pool#

MA1273

3.50%,

12/1/2042

102,360

98,775

Pool#

AR8213

3.50%,

4/1/2043

97,013

93,635

Pool#

AB9238

3.00%,

5/1/2043

329,113

309,522

Pool#

AB9237

3.00%,

5/1/2043

267,326

251,413

Pool#

AB9236

3.00%,

5/1/2043

61,971

58,282

Pool#

AB9362

3.50%,

5/1/2043

237,516

229,147

Pool#

AT4145

3.00%,

6/1/2043

129,240

121,546

Pool#

AB9814

3.00%,

7/1/2043

327,902

308,383

Pool#

AS0255

4.50%,

8/1/2043

89,276

89,996

Pool#

AS0516

3.00%,

9/1/2043

122,944

115,557

Pool#

BM4222

3.00%,

1/1/2044

170,839

160,680

Pool#

AW1006

4.00%,

5/1/2044

65,505

65,176

Pool#

AL7767

4.50%,

6/1/2044

4,261

4,231

Pool#

AS3946

4.00%,

12/1/2044

213,053

211,133

Pool#

BM3611

4.00%,

1/1/2045

32,935

32,513

Pool#

BM3804

3.50%,

2/1/2045

18,541

17,882

Pool#

AL9555

4.00%,

2/1/2045

472,373

466,703

Pool#

AL6889

4.50%,

2/1/2045

34,325

34,576

Pool#

BM3931

3.00%,

3/1/2045

37,780

35,533

Pool#

BM3664

3.00%,

5/1/2045

170,236

160,114

Pool#

AS4921

3.50%,

5/1/2045

237,425

228,032

Pool#

BM5562

4.00%,

6/1/2045

56,419

55,602

Pool#

AL7207

4.50%,

8/1/2045

42,812

43,125

Pool#

AS6362

4.50%,

12/1/2045

8,257

8,318

Pool#

AS6474

3.50%,

1/1/2046

68,824

66,167

Pool#

AS6539

3.50%,

1/1/2046

63,147

60,710

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9849

3.50%,

1/1/2046

51,699

49,868

Pool#

AL9781

4.50%,

2/1/2046

66,896

67,753

Pool#

BM4621

3.50%,

3/1/2046

40,165

38,767

Pool#

BC0823

3.50%,

4/1/2046

40,983

39,208

Pool#

AL8833

4.00%,

6/1/2046

71,123

70,766

Pool#

AS7545

3.50%,

7/1/2046

59,265

56,667

Pool#

MA2705

3.00%,

8/1/2046

150,110

139,369

Pool#

BC1489

3.00%,

8/1/2046

22,528

20,938

Pool#

AS7760

4.00%,

8/1/2046

64,599

63,637

Pool#

AS7770

4.50%,

8/1/2046

4,956

4,993

Pool#

AL8947

3.50%,

9/1/2046

12,504

11,959

Pool#

AL9263

3.00%,

10/1/2046

43,490

40,328

Pool#

BM3932

3.50%,

10/1/2046

51,174

48,930

Pool#

FM1871

4.00%,

10/1/2046

42,919

42,404

Pool#

BC4766

4.50%,

10/1/2046

10,713

10,770

Pool#

AS8154

4.50%,

10/1/2046

3,431

3,457

Pool#

FM1368

3.00%,

11/1/2046

417,658

388,807

Pool#

BC9003

3.00%,

11/1/2046

46,900

43,505

Pool#

BE5067

3.50%,

11/1/2046

136,477

130,938

Pool#

BC9067

3.00%,

12/1/2046

65,683

60,863

Pool#

AS8417

3.50%,

12/1/2046

55,467

53,049

Pool#

AS8650

3.00%,

1/1/2047

315,557

291,210

Pool#

AS8692

3.50%,

1/1/2047

55,605

53,242

Pool#

BD2440

3.50%,

1/1/2047

19,694

18,833

Pool#

BE7115

4.50%,

1/1/2047

2,341

2,358

Pool#

BD5046

3.50%,

2/1/2047

19,310

18,467

Pool#

AS8979

4.50%,

3/1/2047

14,293

14,398

Pool#

BM3707

2.50%,

4/1/2047

41,775

37,215

Pool#

AS9467

4.00%,

4/1/2047

5,782

5,696

Pool#

AS9470

4.50%,

4/1/2047

44,935

45,265

22

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BH0304

4.50%,

4/1/2047

3,276

3,301

Pool#

AS9562

3.00%,

5/1/2047

26,047

24,079

Pool#

BM3237

3.50%,

5/1/2047

97,697

93,620

Pool#

AS9577

3.50%,

5/1/2047

79,357

75,899

Pool#

AS9586

4.00%,

5/1/2047

358,858

355,413

Pool#

BM1268

4.00%,

5/1/2047

111,668

110,016

Pool#

AS9794

3.50%,

6/1/2047

72,778

69,861

Pool#

BE3702

4.00%,

6/1/2047

33,857

33,283

Pool#

BM1295

4.50%,

6/1/2047

45,284

45,616

Pool#

BE9624

4.50%,

6/1/2047

18,989

19,070

Pool#

BM3801

3.00%,

7/1/2047

104,212

96,566

Pool#

AS9909

3.50%,

7/1/2047

59,001

56,625

Pool#

BM3556

4.00%,

9/1/2047

22,372

22,419

Pool#

CA0623

4.50%,

10/1/2047

8,737

8,823

Pool#

BM3379

3.00%,

12/1/2047

187,518

174,100

Pool#

BJ1699

4.00%,

12/1/2047

71,770

71,920

Pool#

MA3238

3.50%,

1/1/2048

106,521

101,810

Pool#

MA3277

4.00%,

2/1/2048

77,864

75,873

Pool#

BK1972

4.50%,

3/1/2048

17,086

17,481

Pool#

MA3332

3.50%,

4/1/2048

82,552

78,755

Pool#

CA1531

3.50%,

4/1/2048

26,016

25,181

Pool#

CA1510

3.50%,

4/1/2048

24,476

23,389

Pool#

CA1560

4.50%,

4/1/2048

26,492

26,784

Pool#

CA1898

4.50%,

6/1/2048

50,967

51,675

Pool#

CA1951

4.00%,

7/1/2048

23,062

22,613

Pool#

BK6577

4.50%,

7/1/2048

4,097

4,096

Pool#

CA2376

4.00%,

9/1/2048

33,178

32,533

Pool#

MA3495

4.00%,

10/1/2048

65,637

64,361

Pool#

BM4664

4.50%,

10/1/2048

34,418

34,794

Pool#

FM1001

3.50%,

11/1/2048

12,417

11,872

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3521

4.00%,

11/1/2048

51,011

49,970

Pool#

MA3536

4.00%,

12/1/2048

51,767

50,761

Pool#

BN0340

4.50%,

12/1/2048

73,686

73,811

Pool#

CA2779

4.50%,

12/1/2048

37,038

37,442

Pool#

BN3944

4.00%,

1/1/2049

20,802

20,397

Pool#

CA3387

4.00%,

4/1/2049

75,692

74,839

Pool#

CA3489

4.00%,

5/1/2049

46,358

45,840

Pool#

MA3665

4.50%,

5/1/2049

69,893

70,246

Pool#

CA3669

4.00%,

6/1/2049

89,008

87,526

Pool#

CA3825

4.00%,

7/1/2049

27,237

26,961

Pool#

FM2887

3.00%,

3/1/2050

95,387

87,957

Pool#

FM0077

3.00%,

3/1/2050

46,586

42,816

Pool#

CA5510

3.00%,

4/1/2050

154,341

141,905

Pool#

MA4077

2.00%,

7/1/2050

96,133

81,255

Pool#

CA6598

2.50%,

8/1/2050

329,031

290,743

Pool#

BQ4909

2.00%,

9/1/2050

840,419

710,454

Pool#

CA6985

2.00%,

9/1/2050

541,623

457,771

Pool#

FM4222

2.50%,

9/1/2050

636,289

568,218

Pool#

CA7572

2.50%,

10/1/2050

500,253

446,417

Pool#

CA7368

2.50%,

10/1/2050

396,259

350,148

Pool#

CA7369

2.50%,

10/1/2050

299,623

264,703

Pool#

MA4181

1.50%,

11/1/2050

462,455

370,528

Pool#

FM4808

2.50%,

11/1/2050

270,317

238,764

Pool#

MA4210

2.50%,

12/1/2050

71,428

63,258

Pool#

CA8442

2.00%,

1/1/2051

1,039,007

880,873

Pool#

FM6031

2.00%,

2/1/2051

1,376,327

1,161,854

Pool#

CA8893

2.00%,

2/1/2051

414,735

350,234

Pool#

BQ9747

2.00%,

2/1/2051

354,019

298,899

Pool#

CA8823

2.00%,

2/1/2051

224,728

189,859

Pool#

FM6135

2.00%,

2/1/2051

146,817

124,037

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM6554

2.00%,

3/1/2051

565,428

477,494

Pool#

FM6569

2.50%,

3/1/2051

610,933

538,714

Pool#

FM7677

2.50%,

3/1/2051

599,623

530,285

Pool#

FM6834

2.00%,

4/1/2051

702,493

593,242

Pool#

CB0235

2.00%,

4/1/2051

321,063

271,688

Pool#

CB0149

2.00%,

4/1/2051

215,171

181,550

Pool#

CB0400

2.00%,

5/1/2051

87,525

75,267

Pool#

CB0684

2.00%,

6/1/2051

334,658

283,192

Pool#

FM8630

1.50%,

7/1/2051

41,212

32,981

Pool#

CB1110

2.00%,

7/1/2051

89,252

75,231

Pool#

FM8160

2.50%,

7/1/2051

174,484

155,697

Pool#

FM8007

2.50%,

7/1/2051

106,839

93,853

Pool#

FM8011

2.50%,

8/1/2051

335,613

297,179

Pool#

FM8441

2.50%,

8/1/2051

135,131

118,592

Pool#

CB1330

2.50%,

8/1/2051

111,297

97,665

Pool#

MA4399

2.50%,

8/1/2051

90,295

79,320

Pool#

FM8794

2.50%,

9/1/2051

332,076

291,370

Pool#

FM9082

2.00%,

10/1/2051

115,234

97,641

Pool#

CB1871

2.50%,

10/1/2051

405,167

355,343

Pool#

MA4464

1.50%,

11/1/2051

53,346

42,642

Pool#

MA4465

2.00%,

11/1/2051

721,410

606,911

Pool#

FM9450

2.00%,

11/1/2051

112,313

94,902

Pool#

FM9491

2.50%,

11/1/2051

46,776

41,020

Pool#

FM9494

2.50%,

11/1/2051

29,447

25,821

Pool#

FM9543

2.50%,

12/1/2051

486,689

426,932

Pool#

CB2410

2.50%,

12/1/2051

118,558

103,954

Pool#

FM9806

2.50%,

12/1/2051

103,439

90,708

Pool#

MA4512

2.50%,

1/1/2052

862,344

755,683

Pool#

BU8176

2.50%,

1/1/2052

463,888

406,726

Pool#

FS2639

2.50%,

1/1/2052

342,974

301,797

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BU9929

2.00%,

2/1/2052

263,553

221,888

Pool#

MA4578

2.50%,

4/1/2052

383,454

336,023

Pool#

CB3351

2.50%,

4/1/2052

72,909

63,895

Pool#

FS2972

4.50%,

10/1/2052

49,578

49,359

Pool#

CB5084

5.00%,

11/1/2052

50,527

51,290

Pool#

CB5268

4.50%,

12/1/2052

347,262

343,538

Pool#

FS3416

5.00%,

12/1/2052

99,653

101,158

Pool#

CB5535

5.00%,

1/1/2053

249,751

251,212

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

2/25/2038

372,938

330,502

2.50%,

2/25/2038

239,000

223,173

3.00%,

2/25/2038

125,000

119,894

3.50%,

2/25/2038

300,000

292,516

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

2/25/2053

225,000

179,683

2.50%,

2/25/2053

849,000

743,298

3.00%,

2/25/2053

75,000

68,121

3.50%,

2/25/2053

875,000

820,533

4.00%,

2/25/2053

675,000

651,797

4.50%,

2/25/2053

674,000

665,575

5.00%,

2/25/2053

924,000

927,393

5.50%,

2/25/2053

325,000

330,256

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

92

92

Pool#

457801

7.00%,

8/15/2028

818

826

Pool#

486936

6.50%,

2/15/2029

360

373

Pool#

502969

6.00%,

3/15/2029

1,121

1,151

Pool#

487053

7.00%,

3/15/2029

437

442

Pool#

781014

6.00%,

4/15/2029

802

824

Pool#

509099

7.00%,

6/15/2029

1,638

1,639

Pool#

470643

7.00%,

7/15/2029

4,286

4,288

Pool#

434505

7.50%,

8/15/2029

28

28

Pool#

781124

7.00%,

12/15/2029

2,941

3,075

Pool#

507396

7.50%,

9/15/2030

20,113

20,213

Pool#

531352

7.50%,

9/15/2030

1,320

1,324

Pool#

536334

7.50%,

10/15/2030

97

98

24

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

540659

7.00%,

1/15/2031

455

455

Pool#

486019

7.50%,

1/15/2031

495

497

Pool#

535388

7.50%,

1/15/2031

311

312

Pool#

528589

6.50%,

3/15/2031

5,496

5,696

Pool#

508473

7.50%,

4/15/2031

2,012

2,031

Pool#

544470

8.00%,

4/15/2031

960

959

Pool#

781287

7.00%,

5/15/2031

1,419

1,487

Pool#

781319

7.00%,

7/15/2031

434

465

Pool#

485879

7.00%,

8/15/2031

1,968

2,001

Pool#

572554

6.50%,

9/15/2031

18,507

19,181

Pool#

781328

7.00%,

9/15/2031

1,313

1,379

Pool#

550991

6.50%,

10/15/2031

295

305

Pool#

571267

7.00%,

10/15/2031

180

180

Pool#

555171

6.50%,

12/15/2031

722

748

Pool#

781380

7.50%,

12/15/2031

449

478

Pool#

781481

7.50%,

1/15/2032

2,098

2,237

Pool#

580972

6.50%,

2/15/2032

100

103

Pool#

781401

7.50%,

2/15/2032

1,448

1,528

Pool#

781916

6.50%,

3/15/2032

16,198

16,788

Pool#

552474

7.00%,

3/15/2032

2,312

2,392

Pool#

781478

7.50%,

3/15/2032

807

855

Pool#

781429

8.00%,

3/15/2032

1,484

1,577

Pool#

781431

7.00%,

4/15/2032

5,343

5,675

Pool#

552616

7.00%,

6/15/2032

21,585

22,269

Pool#

570022

7.00%,

7/15/2032

8,058

8,398

Pool#

595077

6.00%,

10/15/2032

2,595

2,740

Pool#

552903

6.50%,

11/15/2032

29,102

30,162

Pool#

552952

6.00%,

12/15/2032

1,984

2,039

Pool#

602102

6.00%,

2/15/2033

8,831

9,075

Pool#

588192

6.00%,

2/15/2033

1,813

1,862

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

553144

5.50%,

4/15/2033

6,590

6,911

Pool#

604243

6.00%,

4/15/2033

3,420

3,582

Pool#

611526

6.00%,

5/15/2033

4,927

5,059

Pool#

553320

6.00%,

6/15/2033

9,633

10,068

Pool#

604788

6.50%,

11/15/2033

31,184

32,345

Pool#

781688

6.00%,

12/15/2033

13,819

14,657

Pool#

604875

6.00%,

12/15/2033

12,745

13,457

Pool#

781690

6.00%,

12/15/2033

5,084

5,393

Pool#

781699

7.00%,

12/15/2033

1,751

1,794

Pool#

621856

6.00%,

1/15/2034

5,558

5,707

Pool#

564799

6.00%,

3/15/2034

7,174

7,371

Pool#

630038

6.50%,

8/15/2034

19,547

20,259

Pool#

781804

6.00%,

9/15/2034

12,880

13,663

Pool#

781847

6.00%,

12/15/2034

9,784

10,379

Pool#

486921

5.50%,

2/15/2035

3,326

3,489

Pool#

781902

6.00%,

2/15/2035

13,950

14,798

Pool#

649510

5.50%,

10/15/2035

50,843

52,547

Pool#

652207

5.50%,

3/15/2036

26,896

27,445

Pool#

655519

5.00%,

5/15/2036

12,541

12,808

Pool#

652539

5.00%,

5/15/2036

4,348

4,437

Pool#

606308

5.50%,

5/15/2036

4,489

4,591

Pool#

656666

6.00%,

6/15/2036

10,327

10,676

Pool#

657912

6.50%,

8/15/2036

2,072

2,147

Pool#

704630

5.50%,

7/15/2039

10,799

11,120

Pool#

757039

4.00%,

12/15/2040

117,082

115,163

Pool#

757038

4.00%,

12/15/2040

115,714

114,386

Pool#

755656

4.00%,

12/15/2040

38,417

38,166

Pool#

757044

4.00%,

12/15/2040

37,208

36,891

Pool#

742235

4.00%,

12/15/2040

31,201

30,843

Pool#

755655

4.00%,

12/15/2040

23,853

23,696

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

757043

4.00%,

12/15/2040

17,395

17,195

Pool#

756631

4.00%,

12/15/2040

11,926

11,884

Pool#

755959

4.00%,

1/15/2041

83,231

82,689

Pool#

742244

4.00%,

1/15/2041

76,452

75,574

Pool#

753826

4.00%,

1/15/2041

37,528

37,181

Pool#

690662

4.00%,

1/15/2041

27,017

26,766

Pool#

719486

4.00%,

1/15/2041

7,269

7,160

Pool#

757555

4.00%,

2/15/2041

18,859

18,792

Pool#

757557

4.00%,

2/15/2041

7,783

7,694

Pool#

AD6012

3.50%,

4/15/2043

227,495

220,589

Pool#

AA6307

3.50%,

4/15/2043

65,448

63,361

Pool#

AA6403

3.00%,

5/15/2043

318,284

301,180

Pool#

783781

3.50%,

6/15/2043

70,609

68,473

Pool#

784015

3.00%,

7/15/2043

17,475

16,537

Pool#

784714

3.00%,

1/15/2044

92,068

87,121

Pool#

784458

3.50%,

12/15/2047

191,415

185,560

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

68,956

72,105

Pool#

4559

5.00%,

10/20/2039

94,184

97,216

Pool#

737727

4.00%,

12/20/2040

387,601

383,447

Pool#

737730

4.00%,

12/20/2040

112,058

110,859

Pool#

4923

4.50%,

1/20/2041

63,849

65,161

Pool#

4978

4.50%,

3/20/2041

8,991

9,176

Pool#

5017

4.50%,

4/20/2041

92,800

94,707

Pool#

5082

4.50%,

6/20/2041

164,042

166,911

Pool#

675523

3.50%,

3/20/2042

149,074

141,865

Pool#

MA0462

3.50%,

10/20/2042

236,663

229,235

Pool#

MA0625

3.50%,

12/20/2042

181,291

175,602

Pool#

MA0698

3.00%,

1/20/2043

152,446

143,436

Pool#

AF1001

3.50%,

6/20/2043

120,747

115,841

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

AJ9335

3.50%,

10/20/2044

8,504

8,160

Pool#

MA2754

3.50%,

4/20/2045

86,905

83,517

Pool#

MA2824

2.50%,

5/20/2045

127,395

115,439

Pool#

MA2825

3.00%,

5/20/2045

181,734

170,994

Pool#

MA2891

3.00%,

6/20/2045

477,021

448,329

Pool#

MA2960

3.00%,

7/20/2045

156,967

147,446

Pool#

MA3172

3.00%,

10/20/2045

55,466

52,046

Pool#

MA3173

3.50%,

10/20/2045

3,426

3,285

Pool#

MA3243

3.00%,

11/20/2045

49,777

46,680

Pool#

MA3244

3.50%,

11/20/2045

64,549

61,905

Pool#

784098

3.00%,

12/20/2045

259,488

243,213

Pool#

784119

3.00%,

2/20/2046

206,554

193,498

Pool#

MA3520

3.00%,

3/20/2046

175,276

164,108

Pool#

MA3521

3.50%,

3/20/2046

147,668

141,596

Pool#

MA3735

3.00%,

6/20/2046

167,969

156,900

Pool#

MA3876

4.50%,

8/20/2046

5,823

5,986

Pool#

MA3939

4.50%,

9/20/2046

3,523

3,531

Pool#

MA4125

2.50%,

12/20/2046

49,347

44,718

Pool#

MA4126

3.00%,

12/20/2046

580,292

541,454

Pool#

MA4194

2.50%,

1/20/2047

123,761

112,144

Pool#

MA4196

3.50%,

1/20/2047

16,771

16,103

Pool#

MA4264

4.50%,

2/20/2047

6,185

6,287

Pool#

MA4321

3.50%,

3/20/2047

216,859

208,012

Pool#

AZ1974

3.50%,

4/20/2047

83,888

80,350

Pool#

MA4384

4.50%,

4/20/2047

5,374

5,445

Pool#

MA4512

4.50%,

6/20/2047

15,097

15,139

Pool#

MA4652

3.50%,

8/20/2047

60,656

58,135

Pool#

MA4836

3.00%,

11/20/2047

93,703

87,479

Pool#

784421

3.50%,

12/20/2047

194,975

182,704

Pool#

MA4900

3.50%,

12/20/2047

133,233

127,725

26

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784480

3.50%,

4/20/2048

51,230

49,069

Pool#

784481

3.50%,

4/20/2048

9,913

9,494

Pool#

MA5331

4.50%,

7/20/2048

41,100

41,217

Pool#

BK2856

4.50%,

12/20/2048

4,357

4,326

Pool#

MA5818

4.50%,

3/20/2049

26,164

26,266

Pool#

MA6092

4.50%,

8/20/2049

24,572

24,525

Pool#

MA6409

3.00%,

1/20/2050

222,030

205,825

Pool#

MA6764

2.00%,

7/20/2050

59,991

52,247

Pool#

MA6818

2.00%,

8/20/2050

481,615

419,431

Pool#

BW4732

2.50%,

8/20/2050

373,314

321,719

Pool#

BW6206

2.50%,

8/20/2050

363,071

312,891

Pool#

BW4741

2.50%,

9/20/2050

369,529

318,366

Pool#

MA7051

2.00%,

12/20/2050

373,193

324,100

Pool#

MA7311

2.00%,

4/20/2051

1,670,403

1,450,721

Pool#

MA7472

2.50%,

7/20/2051

658,814

588,387

Pool#

MA7767

2.50%,

12/20/2051

116,855

104,243

Pool#

MA7936

2.50%,

3/20/2052

293,068

261,250

Pool#

MA7987

2.50%,

4/20/2052

293,026

261,147

Pool#

MA8197

2.50%,

8/20/2052

679,045

605,588

Pool#

MA8201

4.50%,

8/20/2052

74,488

73,967

GNMA

TBA

2.00%,

2/15/2053

500,000

432,051

2.50%,

2/15/2053

570,000

508,029

4.00%,

2/15/2053

150,000

145,617

4.50%,

2/15/2053

325,000

322,664

5.00%,

2/15/2053

325,000

327,209

Total

Mortgage-Backed

Securities

(cost

$77,105,531)

70,047,235

Municipal

Bonds

0.9%

California

0.2

%

Bay

Area

Toll

Authority,

RB,

6.91%,

10/1/2050

25,000

32,863

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

100,000

117,036

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

Los

Angeles,

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

100,000

124,671

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

100,000

105,438

State

of

California,

GO,

7.63%,

3/1/2040

100,000

132,487

University

of

California

3.06%,

7/1/2025

50,000

48,613

Series

R,

5.77%,

5/15/2043

50,000

56,077

617,185

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

44,000

50,563

Illinois

0.1

%

Chicago

O'Hare

International

Airport,

RB,

Series

C,

4.57%,

1/1/2054

35,000

34,026

State

of

Illinois,

GO,

5.10%,

6/1/2033

185,000

183,704

217,730

Nebraska

0.0

%

†

University

of

Nebraska

Facilities

Corp.

(The),

RB,

Series

A,

3.04%,

10/1/2049

55,000

44,526

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

Series

A,

7.43%,

2/15/2029

150,000

164,818

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

115,000

150,209

315,027

New

York

0.2

%

Metropolitan

Transportation

Authority,

RB,

5.18%,

11/15/2049

25,000

23,060

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

CC,

5.88%,

6/15/2044

25,000

29,286

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

RB,

Series

B-1,

5.57%,

11/1/2038

100,000

105,986

New

York

State

Dormitory

Authority,

RB,

Series

F,

3.11%,

2/15/2039

100,000

84,287

New

York

State

Thruway

Authority,

RB,

2.90%,

1/1/2035

50,000

43,860

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Municipal

Bonds

Principal

Amount

($)

Value

($)

New

York

Port

Authority

of

New

York

&

New

Jersey,

RB,

6.04%,

12/1/2029

100,000

109,628

396,107

Ohio

0.1

%

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

100,003

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

100,000

103,405

203,408

Texas

0.2

%

Dallas

Fort

Worth

International

Airport,

RB,

Series

A,

2.99%,

11/1/2038

50,000

42,012

Dallas

Independent

School

District,

GO,

Series

C,

6.45%,

2/15/2035

150,000

152,434

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

25,000

19,492

State

of

Texas,

GO,

Series

A,

5.52%,

4/1/2039

50,000

56,144

Texas

Transportation

Commission

State

Highway

Fund,

RB,

5.18%,

4/1/2030

100,000

104,033

374,115

Wisconsin

0.0

%

†

State

of

Wisconsin,

RB,

Series

C,

3.15%,

5/1/2027

20,000

19,141

Total

Municipal

Bonds

(cost

$2,307,131)

2,237,802

Supranational

1.2%

Asian

Development

Bank

1.50%,

10/18/2024

500,000

475,918

2.50%,

11/2/2027

250,000

236,118

2.75%,

1/19/2028

200,000

191,079

3.13%,

9/26/2028

75,000

72,304

European

Investment

Bank

2.63%,

3/15/2024

500,000

488,810

1.63%,

3/14/2025(a)

200,000

189,572

0.38%,

3/26/2026

100,000

89,653

Inter-American

Development

Bank,

1.13%,

1/13/2031

50,000

41,218

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

500,000

462,184

2.50%,

7/29/2025

250,000

240,820

1.75%,

10/23/2029

250,000

221,109

Supranational

Principal

Amount

($)

Value

($)

International

Finance

Corp.,

1.38%,

10/16/2024

250,000

237,371

Nordic

Investment

Bank,

2.25%,

5/21/2024

200,000

193,664

Total

Supranational

(cost

$3,349,112)

3,139,820

U.S.

Government

Agency

Securities

1.5%

FHLB

3.13%,

6/13/2025

475,000

463,283

5.50%,

7/15/2036

200,000

232,207

FHLMC

0.25%,

6/26/2023

200,000

196,369

0.25%,

8/24/2023

605,000

589,691

0.25%,

12/4/2023

205,000

197,351

0.38%,

7/21/2025

65,000

59,362

6.75%,

3/15/2031

200,000

241,777

6.25%,

7/15/2032

165,000

197,470

FNMA

2.63%,

9/6/2024

200,000

194,588

0.50%,

6/17/2025

500,000

459,391

6.25%,

5/15/2029

300,000

342,573

7.25%,

5/15/2030

200,000

245,855

0.88%,

8/5/2030

280,000

229,473

Tennessee

Valley

Authority,

4.88%,

1/15/2048

200,000

210,637

Total

U.S.

Government

Agency

Securities

(cost

$3,987,929)

3,860,027

U.S.

Treasury

Obligations

39.6%

U.S.

Treasury

Bonds

6.00%,

2/15/2026

444,500

471,378

5.50%,

8/15/2028

(a)

300,000

327,762

5.25%,

11/15/2028

500,000

542,285

4.50%,

2/15/2036

400,000

444,703

4.75%,

2/15/2037

400,000

456,453

4.50%,

5/15/2038

500,000

555,781

4.50%,

8/15/2039

185,000

206,246

4.38%,

11/15/2039

480,000

526,875

1.13%,

5/15/2040

500,000

333,477

4.38%,

5/15/2040

200,000

219,070

3.88%,

8/15/2040

400,000

411,891

1.38%,

11/15/2040

300,000

207,598

4.25%,

11/15/2040

200,000

215,758

1.75%,

8/15/2041

500,000

364,258

3.75%,

8/15/2041

150,000

150,938

2.00%,

11/15/2041

250,000

189,980

3.13%,

11/15/2041

300,000

275,074

2.38%,

2/15/2042

100,000

80,898

3.13%,

2/15/2042

250,000

228,574

3.25%,

5/15/2042

300,000

278,344

3.38%,

8/15/2042

300,000

283,641

2.75%,

11/15/2042

550,000

470,143

4.00%,

11/15/2042

(a)

200,000

206,688

3.13%,

2/15/2043

750,000

680,391

2.88%,

5/15/2043

900,000

783,703

28

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.63%,

8/15/2043

500,000

489,277

3.75%,

11/15/2043

650,000

647,029

3.63%,

2/15/2044

700,000

683,129

3.13%,

8/15/2044

400,000

360,422

3.00%,

11/15/2044

350,000

308,615

3.00%,

5/15/2045

400,000

352,172

2.50%,

5/15/2046

400,000

321,266

2.25%,

8/15/2046

300,000

229,066

2.88%,

11/15/2046

275,000

236,747

3.00%,

2/15/2047

400,000

351,938

3.00%,

5/15/2047

400,000

351,797

2.75%,

8/15/2047

500,000

420,000

3.00%,

8/15/2048

350,000

308,561

3.00%,

2/15/2049

400,000

353,609

2.88%,

5/15/2049

400,000

345,281

2.25%,

8/15/2049

500,000

378,828

2.38%,

11/15/2049

550,000

427,775

2.00%,

2/15/2050

500,000

357,090

1.25%,

5/15/2050

800,000

470,094

1.38%,

8/15/2050

900,000

545,660

1.63%,

11/15/2050

250,000

161,699

1.88%,

2/15/2051

950,000

654,498

2.38%,

5/15/2051

900,000

696,902

2.00%,

8/15/2051

700,000

496,316

1.88%,

11/15/2051

830,000

569,717

2.25%,

2/15/2052

800,000

601,063

2.88%,

5/15/2052

740,000

637,672

3.00%,

8/15/2052

(a)

600,000

530,906

4.00%,

11/15/2052

500,000

534,687

U.S.

Treasury

Notes

2.50%,

1/31/2024

500,000

489,121

0.13%,

2/15/2024

(a)

1,000,000

953,594

2.75%,

2/15/2024

(a)

500,000

489,863

2.25%,

3/31/2024

(a)

500,000

486,230

2.00%,

4/30/2024

500,000

484,023

2.25%,

4/30/2024

700,000

679,738

2.50%,

4/30/2024

100

97

2.50%,

5/15/2024

700,000

681,434

2.00%,

5/31/2024

1,000,000

966,445

2.00%,

6/30/2024

500,000

482,539

2.13%,

7/31/2024

500,000

482,910

0.38%,

8/15/2024

1,000,000

939,609

2.38%,

8/15/2024

250,000

242,246

1.88%,

8/31/2024

1,000,000

960,938

0.38%,

9/15/2024

500,000

468,906

1.50%,

9/30/2024

(a)

500,000

477,168

2.13%,

9/30/2024

500,000

482,109

4.25%,

9/30/2024

500,000

498,867

0.63%,

10/15/2024

1,000,000

939,453

1.50%,

10/31/2024

1,000,000

952,578

2.25%,

10/31/2024

1,000,000

964,922

0.75%,

11/15/2024

500,000

469,512

2.25%,

11/15/2024

660,000

636,797

2.13%,

11/30/2024

1,200,000

1,154,578

4.50%,

11/30/2024

400,000

401,328

1.38%,

1/31/2025

600,000

567,984

2.50%,

1/31/2025

500,000

483,828

2.00%,

2/15/2025

500,000

478,809

0.50%,

3/31/2025

700,000

648,594

2.63%,

3/31/2025

700,000

678,836

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.63%,

4/15/2025

300,000

290,648

0.38%,

4/30/2025

500,000

460,547

2.13%,

5/15/2025

600,000

574,594

2.75%,

5/15/2025

500,000

485,645

0.25%,

5/31/2025

500,000

458,164

0.25%,

6/30/2025

500,000

457,695

2.75%,

6/30/2025

550,000

534,016

3.00%,

7/15/2025

700,000

683,484

2.88%,

7/31/2025

1,250,000

1,217,090

2.00%,

8/15/2025

500,000

476,055

0.25%,

8/31/2025

1,000,000

909,609

3.50%,

9/15/2025

600,000

593,273

0.25%,

9/30/2025

600,000

545,156

3.00%,

10/31/2025

800,000

780,406

2.25%,

11/15/2025

1,500,000

1,434,902

0.38%,

11/30/2025

1,500,000

1,359,375

4.00%,

12/15/2025

1,000,000

1,003,047

0.38%,

12/31/2025

1,200,000

1,086,938

0.38%,

1/31/2026

1,000,000

902,266

2.63%,

1/31/2026

750,000

724,219

1.63%,

2/15/2026

400,000

374,453

0.75%,

3/31/2026

500,000

454,863

0.63%,

7/31/2026

1,000,000

897,539

1.50%,

8/15/2026

400,000

370,031

0.75%,

8/31/2026

1,000,000

899,688

1.38%,

8/31/2026

1,500,000

1,380,527

1.63%,

9/30/2026

1,000,000

928,086

1.63%,

10/31/2026

1,000,000

926,484

2.00%,

11/15/2026

1,000,000

938,477

1.25%,

12/31/2026

700,000

637,410

1.50%,

1/31/2027

800,000

734,750

2.25%,

2/15/2027

800,000

757,156

1.13%,

2/28/2027

1,000,000

904,570

1.88%,

2/28/2027

700,000

651,793

0.63%,

3/31/2027

1,000,000

883,672

2.50%,

3/31/2027

600,000

572,461

0.50%,

4/30/2027

1,000,000

876,484

2.75%,

4/30/2027

(a)

450,000

433,477

2.38%,

5/15/2027

500,000

474,258

2.63%,

5/31/2027

700,000

670,742

2.75%,

7/31/2027

300,000

288,785

2.25%,

8/15/2027

500,000

471,035

0.50%,

8/31/2027

500,000

434,336

3.13%,

8/31/2027

700,000

684,852

0.38%,

9/30/2027

500,000

430,840

4.13%,

9/30/2027

700,000

714,191

4.13%,

10/31/2027

500,000

510,352

2.25%,

11/15/2027

870,000

817,494

0.63%,

11/30/2027

250,000

217,051

3.88%,

11/30/2027

430,000

434,905

0.63%,

12/31/2027

500,000

433,242

3.88%,

12/31/2027

300,000

303,398

0.75%,

1/31/2028

500,000

435,059

3.50%,

1/31/2028

700,000

696,883

2.75%,

2/15/2028

(a)

1,000,000

959,883

1.13%,

2/29/2028

1,000,000

885,313

1.25%,

3/31/2028

500,000

444,688

1.25%,

4/30/2028

700,000

621,688

2.88%,

5/15/2028

1,000,000

964,023

1.25%,

5/31/2028

500,000

443,262

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.25%,

6/30/2028

700,000

619,445

1.00%,

7/31/2028

1,000,000

870,820

2.88%,

8/15/2028

1,000,000

962,500

1.25%,

9/30/2028

500,000

440,000

1.38%,

10/31/2028

500,000

442,461

1.50%,

11/30/2028

500,000

445,059

1.75%,

1/31/2029

500,000

450,469

2.63%,

2/15/2029

457,000

432,775

2.38%,

3/31/2029

400,000

373,109

2.88%,

4/30/2029

350,000

335,932

2.38%,

5/15/2029

100,000

93,203

2.75%,

5/31/2029

500,000

476,289

3.25%,

6/30/2029

400,000

392,187

2.63%,

7/31/2029

200,000

188,992

1.63%,

8/15/2029

500,000

445,313

3.13%,

8/31/2029

400,000

389,328

3.88%,

9/30/2029

300,000

305,133

4.00%,

10/31/2029

300,000

307,477

1.75%,

11/15/2029

(a)

500,000

448,145

3.88%,

11/30/2029

(a)

350,000

356,289

3.88%,

12/31/2029

200,000

203,812

3.50%,

1/31/2030

350,000

348,742

1.50%,

2/15/2030

700,000

614,469

0.63%,

5/15/2030

200,000

163,602

0.63%,

8/15/2030

1,200,000

977,016

0.88%,

11/15/2030

800,000

661,188

1.13%,

2/15/2031

1,600,000

1,346,938

1.63%,

5/15/2031

1,100,000

957,043

1.25%,

8/15/2031

500,000

419,551

1.38%,

11/15/2031

1,200,000

1,011,703

1.88%,

2/15/2032

1,100,000

965,207

2.88%,

5/15/2032

1,250,000

1,190,430

2.75%,

8/15/2032

1,100,000

1,035,031

4.13%,

11/15/2032

750,000

789,023

Total

U.S.

Treasury

Obligations

(cost

$110,218,591)

100,770,792

Repurchase

Agreement

0.7%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$1,680,920,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,714,538.

(f)

1,680,720

1,680,720

Total

Repurchase

Agreement

(cost

$1,680,720)

1,680,720

Total

Investments

(cost

$277,668,283)

—

99.7%

253,770,165

Other

assets

in

excess

of

liabilities

—

0.3%

867,818

NET

ASSETS

—

100.0%

$

254,637,983

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$6,686,822,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,680,720

and

by

$5,185,469

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

2/28/2023

–

11/15/2052,

a

total

value

of

$6,866,189.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(c)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$932,167

which

represents

0.37%

of

net

assets.

(d)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(e)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2023.

(f)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$1,680,720.

30

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

ACES

Alternative

Credit

Enhancement

Services

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Nationwide

Bond

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

32

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Bond

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

362,614

$

–

$

362,614

Commercial

Mortgage-Backed

Securities

–

4,762,939

–

4,762,939

Corporate

Bonds

–

63,082,799

–

63,082,799

Foreign

Government

Securities

–

3,825,417

–

3,825,417

Mortgage-Backed

Securities

–

70,047,235

–

70,047,235

Municipal

Bonds

–

2,237,802

–

2,237,802

Repurchase

Agreement

–

1,680,720

–

1,680,720

Supranational

–

3,139,820

–

3,139,820

U.S.

Government

Agency

Securities

–

3,860,027

–

3,860,027

U.S.

Treasury

Obligations

–

100,770,792

–

100,770,792

Total

$

–

$

253,770,165

$

–

$

253,770,165

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

98.8%

Shares

Value

($)

AUSTRALIA

8.4%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

55,057

247,182

Banks

2.0%

ANZ

Group

Holdings

Ltd.

193,894

3,433,819

Commonwealth

Bank

of

Australia

110,319

8,615,013

National

Australia

Bank

Ltd.

(a)

204,723

4,614,354

Westpac

Banking

Corp.

226,254

3,805,664

20,468,850

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

45,906

472,746

Capital

Markets

0.4%

ASX

Ltd.

12,695

621,591

Macquarie

Group

Ltd.

23,932

3,192,620

3,814,211

Chemicals

0.0%

†

Orica

Ltd.

29,622

311,705

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

90,182

766,795

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.

13,438

298,135

Diversified

Telecommunication

Services

0.1%

Telstra

Group

Ltd.

259,073

747,888

Electric

Utilities

0.1%

Origin

Energy

Ltd.

115,895

615,188

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

67,514

391,657

Goodman

Group

110,428

1,579,074

GPT

Group

(The)

121,281

393,545

Mirvac

Group

267,661

431,962

Scentre

Group

340,714

737,390

Stockland

162,554

453,413

Vicinity

Ltd.

259,245

378,661

4,365,702

Food

&

Staples

Retailing

0.3%

Coles

Group

Ltd.

86,849

1,092,003

Endeavour

Group

Ltd.

92,409

433,547

Woolworths

Group

Ltd.

78,490

2,007,437

3,532,987

Gas

Utilities

0.1%

APA

Group

77,414

579,250

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

4,273

644,980

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

11,971

564,630

Sonic

Healthcare

Ltd.

30,267

676,827

1,241,457

Hotels,

Restaurants

&

Leisure

0.3%

Aristocrat

Leisure

Ltd.

38,831

936,023

Flutter

Entertainment

plc*

10,715

1,666,333

Lottery

Corp.

Ltd.

(The)*

152,377

507,830

3,110,186

Insurance

0.3%

Insurance

Australia

Group

Ltd.(a)

155,046

538,633

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

Medibank

Pvt

Ltd.

179,263

372,995

QBE

Insurance

Group

Ltd.(a)

94,282

919,880

Suncorp

Group

Ltd.

83,735

743,475

2,574,983

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.

3,181

285,886

SEEK

Ltd.

22,940

397,627

683,513

Metals

&

Mining

3.0%

BHP

Group

Ltd.

329,612

11,542,931

BlueScope

Steel

Ltd.

29,983

410,224

Fortescue

Metals

Group

Ltd.

108,621

1,723,046

Glencore

plc

634,212

4,258,132

IGO

Ltd.(a)

46,253

483,361

Mineral

Resources

Ltd.

10,693

678,080

Newcrest

Mining

Ltd.

57,529

921,548

Northern

Star

Resources

Ltd.

75,848

678,148

Pilbara

Minerals

Ltd.*

172,175

584,992

Rio

Tinto

Ltd.

24,052

2,166,484

Rio

Tinto

plc

72,706

5,683,892

South32

Ltd.

303,088

979,380

30,110,218

Multiline

Retail

0.3%

Wesfarmers

Ltd.(a)

74,200

2,618,222

Oil,

Gas

&

Consumable

Fuels

0.5%

Ampol

Ltd.

14,482

313,342

Santos

Ltd.(a)

202,831

1,023,739

Washington

H

Soul

Pattinson

&

Co.

Ltd.

13,862

282,528

Woodside

Energy

Group

Ltd.

123,735

3,212,506

4,832,115

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

48,413

296,012

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

110,780

289,636

Software

0.0%

†

WiseTech

Global

Ltd.

9,023

390,891

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.(a)

16,184

186,047

Transportation

Infrastructure

0.2%

Transurban

Group

198,481

1,944,991

85,143,890

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

21,781

825,050

Electric

Utilities

0.0%

†

Verbund

AG(a)

4,266

364,014

Metals

&

Mining

0.0%

†

voestalpine

AG

6,921

229,602

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

9,962

497,192

Paper

&

Forest

Products

0.1%

Mondi

plc

31,244

587,479

2,503,337

34

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

16,373

1,210,719

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

56,805

3,419,437

Chemicals

0.1%

Solvay

SA

4,727

550,716

Umicore

SA

13,128

496,337

1,047,053

Distributors

0.0%

†

D'ieteren

Group

1,531

291,732

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

NV

3,442

293,590

Groupe

Bruxelles

Lambert

NV

2,684

229,247

Sofina

SA

1,095

260,777

783,614

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

2,070

291,035

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Warehouses

De

Pauw

CVA

10,647

338,035

Insurance

0.1%

Ageas

SA/NV

9,997

487,228

Pharmaceuticals

0.1%

UCB

SA

8,503

697,572

8,566,425

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

11,238

499,139

CHILE

0.1%

Metals

&

Mining

0.1%

Antofagasta

plc

25,218

540,463

CHINA

0.6%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

237,600

828,741

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

105,300

331,689

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

109,000

233,002

Food

Products

0.1%

Wilmar

International

Ltd.

128,558

400,163

Internet

&

Direct

Marketing

Retail

0.4%

Prosus

NV*

53,740

4,346,437

Marine

0.0%

†

SITC

International

Holdings

Co.

Ltd.

91,000

198,214

Real

Estate

Management

&

Development

0.0%

†

ESR

Group

Ltd.

Reg.

S(b)

126,000

253,455

6,591,701

Common

Stocks

Shares

Value

($)

DENMARK

2.8%

Air

Freight

&

Logistics

0.2%

DSV

A/S

12,126

2,002,499

Banks

0.1%

Danske

Bank

A/S

45,550

947,549

Beverages

0.1%

Carlsberg

A/S

,

Class

B

6,412

907,194

Biotechnology

0.2%

Genmab

A/S*

4,259

1,665,995

Building

Products

0.0%

†

ROCKWOOL

A/S

,

Class

B

478

136,957

Chemicals

0.1%

Chr

Hansen

Holding

A/S

6,654

490,658

Novozymes

A/S

,

Class

B

13,813

719,060

1,209,718

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

12,355

1,101,260

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

65,460

1,912,402

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S

,

Class

B

7,774

938,045

Demant

A/S*

6,363

180,144

1,118,189

Insurance

0.1%

Tryg

A/S

22,786

522,450

Marine

0.1%

AP

Moller

-

Maersk

A/S

,

Class

A

194

413,062

AP

Moller

-

Maersk

A/S

,

Class

B

319

693,791

1,106,853

Pharmaceuticals

1.5%

Novo

Nordisk

A/S

,

Class

B

107,473

14,883,250

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Pandora

A/S

5,917

492,682

28,006,998

FINLAND

1.2%

Banks

0.3%

Nordea

Bank

Abp

218,720

2,550,753

Communications

Equipment

0.2%

Nokia

OYJ

348,364

1,660,147

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

8,897

507,193

Electric

Utilities

0.0%

†

Fortum

OYJ(a)

27,953

421,169

Food

&

Staples

Retailing

0.0%

†

Kesko

OYJ

,

Class

B

(a)

18,422

429,085

Insurance

0.2%

Sampo

OYJ

,

Class

A

30,760

1,613,674

Machinery

0.1%

Kone

OYJ

,

Class

B

22,274

1,216,303

Wartsila

OYJ

Abp

31,322

297,871

1,514,174

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

FINLAND

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

27,845

1,327,819

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ

,

Class

R

37,916

542,108

UPM-

Kymmene

OYJ

35,051

1,271,164

1,813,272

Pharmaceuticals

0.0%

†

Orion

OYJ

,

Class

B

6,495

347,816

12,185,102

FRANCE

11.1%

Aerospace

&

Defense

0.9%

Airbus

SE

38,476

4,821,110

Dassault

Aviation

SA

1,665

283,997

Safran

SA

22,129

3,177,700

Thales

SA

6,842

903,959

9,186,766

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

44,466

1,411,143

Valeo

12,653

275,977

1,687,120

Automobiles

0.1%

Renault

SA*

12,937

525,932

Banks

0.7%

BNP

Paribas

SA

72,180

4,947,585

Credit

Agricole

SA

79,911

961,154

Societe

Generale

SA

52,256

1,553,348

7,462,087

Beverages

0.3%

Pernod

Ricard

SA

13,462

2,785,375

Remy

Cointreau

SA

1,588

298,486

3,083,861

Building

Products

0.2%

Cie

de

Saint-Gobain

31,908

1,827,265

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

4,054

265,716

Chemicals

0.6%

Air

Liquide

SA

34,011

5,420,122

Arkema

SA

3,829

388,042

5,808,164

Construction

&

Engineering

0.5%

Bouygues

SA

14,155

465,954

Eiffage

SA

5,410

577,063

Vinci

SA

34,915

3,938,932

4,981,949

Diversified

Financial

Services

0.0%

†

Eurazeo

SE

2,995

210,017

Wendel

SE

1,519

160,825

370,842

Diversified

Telecommunication

Services

0.1%

Orange

SA

130,960

1,385,781

Electric

Utilities

0.0%

†

Electricite

de

France

SA

37,783

495,579

Electrical

Equipment

0.1%

Legrand

SA

17,056

1,524,507

Common

Stocks

Shares

Value

($)

FRANCE

Entertainment

0.0%

†

Bollore

SE

58,711

328,073

Ubisoft

Entertainment

SA*

6,425

133,797

461,870

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Covivio

2,704

185,629

Gecina

SA

2,926

346,776

Klepierre

SA

14,695

373,141

Unibail

-

Rodamco

-Westfield*

7,741

500,598

1,406,144

Food

&

Staples

Retailing

0.1%

Carrefour

SA

38,573

732,959

Food

Products

0.2%

Danone

SA

41,902

2,293,102

Health

Care

Equipment

&

Supplies

0.4%

BioMerieux

2,621

267,307

EssilorLuxottica

SA

18,791

3,443,822

3,711,129

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

10,442

338,619

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

6,838

292,332

Sodexo

SA

5,597

554,518

1,185,469

Household

Durables

0.0%

†

SEB

SA

1,553

162,532

Insurance

0.4%

AXA

SA

122,391

3,815,349

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

20,721

177,424

IT

Services

0.4%

Capgemini

SE

10,603

2,010,734

Edenred

16,632

905,084

Worldline

SA

Reg.

S*(b)

15,344

695,142

3,610,960

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

1,795

627,101

Machinery

0.1%

Alstom

SA

20,103

597,790

Media

0.2%

Publicis

Groupe

SA

14,928

1,053,103

Vivendi

SE

44,762

481,307

1,534,410

Multi-Utilities

0.3%

Engie

SA

117,819

1,676,112

Veolia

Environnement

SA

43,964

1,304,630

2,980,742

Oil,

Gas

&

Consumable

Fuels

1.0%

TotalEnergies

SE

161,059

10,006,162

Personal

Products

0.6%

L'Oreal

SA

15,664

6,470,517

Pharmaceuticals

0.7%

Ipsen

SA

2,555

268,293

Sanofi

74,269

7,298,167

7,566,460

36

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Professional

Services

0.2%

Bureau

Veritas

SA

18,416

526,269

Teleperformance

3,807

1,059,009

1,585,278

Software

0.2%

Dassault

Systemes

SE

42,778

1,589,917

Textiles,

Apparel

&

Luxury

Goods

2.2%

Hermes

International

2,069

3,877,508

Kering

SA

4,827

3,013,475

LVMH

Moet

Hennessy

Louis

Vuitton

SE

17,972

15,700,055

22,591,038

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

2,102

325,544

Getlink

SE

29,297

495,786

821,330

112,533,252

GERMANY

8.2%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

3,526

878,001

Rheinmetall

AG

2,846

662,870

1,540,871

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

63,873

2,735,926

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

37,238

393,564

Auto

Components

0.0%

†

Continental

AG

6,847

479,665

Automobiles

1.0%

Bayerische

Motoren

Werke

AG

21,464

2,174,300

Bayerische

Motoren

Werke

AG

(Preference)

3,929

370,507

Dr

Ing

hc

F

Porsche

AG

(Preference)*

7,286

864,400

Mercedes-Benz

Group

AG

51,787

3,839,547

Porsche

Automobil

Holding

SE

(Preference)

10,262

611,797

Volkswagen

AG

2,026

354,004

Volkswagen

AG

(Preference)

11,927

1,647,810

9,862,365

Banks

0.1%

Commerzbank

AG*

70,540

803,401

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

132,366

1,758,277

Deutsche

Boerse

AG

12,423

2,219,860

3,978,137

Chemicals

0.5%

BASF

SE

59,835

3,409,953

Covestro

AG

Reg.

S(b)

12,183

558,646

Evonik

Industries

AG

13,691

303,109

Symrise

AG

8,712

923,034

5,194,742

Common

Stocks

Shares

Value

($)

GERMANY

Construction

Materials

0.1%

HeidelbergCement

AG

9,412

643,390

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

211,638

4,708,480

Telefonica

Deutschland

Holding

AG

67,021

197,097

United

Internet

AG

(Registered)

5,371

124,348

5,029,925

Electrical

Equipment

0.0%

†

Siemens

Energy

AG

27,730

577,477

Food

&

Staples

Retailing

0.0%

†

HelloFresh

SE*(a)

10,840

262,304

Health

Care

Equipment

&

Supplies

0.1%

Carl

Zeiss

Meditec

AG

2,683

384,906

Siemens

Healthineers

AG

Reg.

S(b)

18,488

987,493

1,372,399

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

&

Co.

KGaA

(a)

13,118

491,108

Fresenius

SE

&

Co.

KGaA

27,985

806,833

1,297,941

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

6,453

430,541

Henkel

AG

&

Co.

KGaA

(Preference)

11,284

802,294

1,232,835

Independent

Power

and

Renewable

Electricity

Producers

0.2%

RWE

AG

41,533

1,843,387

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

49,673

7,717,480

Insurance

1.0%

Allianz

SE

(Registered)

26,485

6,318,342

Hannover

Rueck

SE

3,903

790,580

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

9,094

3,275,299

10,384,221

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

5,250

304,455

Internet

&

Direct

Marketing

Retail

0.1%

Zalando

SE

Reg.

S*(a)(b)

11,035

511,724

Zalando

SE

Reg.

S*∞(b)

4,053

187,661

IT

Services

0.0%

†

Bechtle

AG

5,365

225,278

Life

Sciences

Tools

&

Services

0.1%

Sartorius

AG

(Preference)

1,576

703,847

Machinery

0.2%

Daimler

Truck

Holding

AG*

29,332

982,705

GEA

Group

AG

9,616

432,594

Knorr-

Bremse

AG

4,821

315,584

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

GERMANY

Machinery

Rational

AG

329

215,572

1,946,455

Multi-Utilities

0.2%

E.ON

SE

147,867

1,606,655

Personal

Products

0.1%

Beiersdorf

AG

6,623

803,616

Pharmaceuticals

0.6%

Bayer

AG

(Registered)

63,499

3,938,663

Merck

KGaA

8,315

1,728,818

5,667,481

Real

Estate

Management

&

Development

0.2%

Aroundtown

SA(a)

58,293

162,017

LEG

Immobilien

SE

4,907

382,507

Vonovia

SE

46,291

1,302,999

1,847,523

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

84,738

3,031,083

Software

0.8%

Nemetschek

SE

3,699

196,814

SAP

SE

68,022

8,005,994

8,202,808

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

11,082

1,776,265

Puma

SE

7,186

486,858

2,263,123

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

10,281

765,116

83,416,855

HONG

KONG

2.7%

Banks

0.1%

Hang

Seng

Bank

Ltd.

49,000

814,864

Capital

Markets

0.4%

Futu

Holdings

Ltd.,

ADR*(a)

4,142

210,248

Hong

Kong

Exchanges

&

Clearing

Ltd.

78,500

3,528,270

3,738,518

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

265,420

348,359

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

43,500

242,750

CLP

Holdings

Ltd.

104,500

777,609

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

168,500

116,470

Power

Assets

Holdings

Ltd.

89,300

505,823

1,642,652

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

138,451

1,113,847

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

515,743

317,022

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

750,565

755,240

Common

Stocks

Shares

Value

($)

HONG

KONG

Industrial

Conglomerates

0.0%

†

Jardine

Matheson

Holdings

Ltd.

10,200

539,070

Insurance

1.2%

AIA

Group

Ltd.

779,400

8,801,384

Prudential

plc

179,785

2,979,264

11,780,648

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

89,500

1,153,902

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

127,886

817,096

Hang

Lung

Properties

Ltd.

138,000

259,760

Henderson

Land

Development

Co.

Ltd.

100,352

370,496

Hongkong

Land

Holdings

Ltd.

66,300

322,980

Hongkong

Land

Holdings

Ltd.

1,700

8,308

New

World

Development

Co.

Ltd.

101,707

305,375

Sino

Land

Co.

Ltd.

222,200

288,472

Sun

Hung

Kai

Properties

Ltd.

95,200

1,353,817

Swire

Pacific

Ltd.

,

Class

A

31,000

283,492

Swire

Properties

Ltd.

82,000

230,940

Wharf

Real

Estate

Investment

Co.

Ltd.

109,270

627,009

4,867,745

Road

&

Rail

0.0%

†

MTR

Corp.

Ltd.

101,714

545,753

27,617,620

IRELAND

0.6%

Banks

0.1%

AIB

Group

plc

72,573

303,711

Bank

of

Ireland

Group

plc

67,822

723,434

1,027,145

Building

Products

0.1%

Kingspan

Group

plc

10,385

665,537

Construction

Materials

0.2%

CRH

plc

48,387

2,251,068

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

16,011

672,355

Food

Products

0.1%

Kerry

Group

plc

,

Class

A

(a)

10,311

967,962

Trading

Companies

&

Distributors

0.0%

†

AerCap

Holdings

NV*

9,086

574,326

6,158,393

ISRAEL

0.7%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

1,659

278,894

Banks

0.3%

Bank

Hapoalim

BM

85,292

767,252

Bank

Leumi

Le-Israel

BM

100,013

883,281

Israel

Discount

Bank

Ltd.

,

Class

A

81,706

417,478

38

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

ISRAEL

Banks

Mizrahi

Tefahot

Bank

Ltd.

10,228

337,388

2,405,399

Chemicals

0.1%

ICL

Group

Ltd.

45,822

364,020

Diversified

Telecommunication

Services

0.0%

†

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

145,495

240,493

IT

Services

0.0%

†

Wix.com

Ltd.*(a)

3,680

320,086

Marine

0.0%

†

ZIM

Integrated

Shipping

Services

Ltd.(a)

6,003

113,757

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

72,130

760,250

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

2,496

160,563

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Tower

Semiconductor

Ltd.*

6,774

285,099

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

6,573

836,086

Nice

Ltd.*

4,044

836,506

1,672,592

6,601,153

ITALY

2.1%

Automobiles

0.2%

Ferrari

NV

8,141

2,030,093

Banks

0.6%

FinecoBank

Banca

Fineco

SpA

39,331

704,962

Intesa

Sanpaolo

SpA

1,082,299

2,842,253

Mediobanca

Banca

di

Credito

Finanziario

SpA

37,019

397,473

UniCredit

SpA

123,757

2,411,763

6,356,451

Beverages

0.1%

Coca-Cola

HBC

AG*

13,559

328,681

Davide

Campari-Milano

NV

32,322

345,961

674,642

Diversified

Telecommunication

Services

0.0%

†

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

20,736

227,336

Telecom

Italia

SpA

*(a)

553,293

159,622

386,958

Electric

Utilities

0.4%

Enel

SpA

528,941

3,113,355

Terna

-

Rete

Elettrica

Nazionale

92,614

734,895

3,848,250

Electrical

Equipment

0.1%

Prysmian

SpA

16,700

680,757

Common

Stocks

Shares

Value

($)

ITALY

Gas

Utilities

0.1%

Snam

SpA

133,394

679,866

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

1,541

200,563

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

8,940

246,682

Insurance

0.2%

Assicurazioni

Generali

SpA

73,255

1,427,882

Poste

Italiane

SpA

Reg.

S(b)

31,937

340,384

1,768,266

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

40,056

354,199

Oil,

Gas

&

Consumable

Fuels

0.3%

Eni

SpA

161,767

2,494,915

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

7,430

324,581

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

13,505

846,082

20,892,305

JAPAN

21.3%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

4,950

286,851

SG

Holdings

Co.

Ltd.

19,300

298,065

Yamato

Holdings

Co.

Ltd.

19,900

347,603

932,519

Airlines

0.0%

†

ANA

Holdings,

Inc.*

9,500

210,027

Japan

Airlines

Co.

Ltd.*

10,174

215,747

425,774

Auto

Components

0.4%

Aisin

Corp.

10,300

300,669

Bridgestone

Corp.

37,500

1,403,257

Denso

Corp.

28,600

1,545,222

Koito

Manufacturing

Co.

Ltd.

13,400

226,335

Sumitomo

Electric

Industries

Ltd.

48,000

576,661

4,052,144

Automobiles

1.6%

Honda

Motor

Co.

Ltd.

104,900

2,601,913

Isuzu

Motors

Ltd.

39,700

501,452

Mazda

Motor

Corp.

37,860

305,576

Nissan

Motor

Co.

Ltd.

147,600

529,277

Subaru

Corp.

40,300

665,727

Suzuki

Motor

Corp.

23,200

873,682

Toyota

Motor

Corp.

689,400

10,002,249

Yamaha

Motor

Co.

Ltd.

20,000

492,057

15,971,933

Banks

1.4%

Chiba

Bank

Ltd.

(The)

33,600

253,930

Concordia

Financial

Group

Ltd.

68,000

297,962

Japan

Post

Bank

Co.

Ltd.(a)

23,900

212,315

Mitsubishi

UFJ

Financial

Group,

Inc.

774,184

5,682,461

Mizuho

Financial

Group,

Inc.

156,751

2,445,308

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Resona

Holdings,

Inc.

138,001

764,308

Shizuoka

Financial

Group,

Inc.

29,100

246,190

Sumitomo

Mitsui

Financial

Group,

Inc.

84,805

3,690,227

Sumitomo

Mitsui

Trust

Holdings,

Inc.

22,076

804,915

14,397,616

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

29,500

975,189

Ito

En

Ltd.

3,900

139,120

Kirin

Holdings

Co.

Ltd.

51,900

799,358

Suntory

Beverage

&

Food

Ltd.

9,400

317,110

2,230,777

Building

Products

0.4%

AGC,

Inc.

13,120

483,140

Daikin

Industries

Ltd.

16,000

2,785,847

Lixil

Corp.

18,100

312,627

TOTO

Ltd.

9,400

365,364

3,946,978

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

89,200

420,950

Japan

Exchange

Group,

Inc.

31,800

487,223

Nomura

Holdings,

Inc.

192,500

767,684

SBI

Holdings,

Inc.

16,470

348,948

2,024,805

Chemicals

0.8%

Asahi

Kasei

Corp.

81,700

619,867

JSR

Corp.

10,500

236,543

Mitsubishi

Chemical

Group

Corp.

78,500

440,273

Mitsui

Chemicals,

Inc.

12,320

289,955

Nippon

Paint

Holdings

Co.

Ltd.

56,500

516,443

Nippon

Sanso

Holdings

Corp.

10,900

177,957

Nissan

Chemical

Corp.

8,600

407,043

Nitto

Denko

Corp.

9,110

589,545

Shin-Etsu

Chemical

Co.

Ltd.

24,300

3,619,375

Sumitomo

Chemical

Co.

Ltd.

100,600

385,713

Toray

Industries,

Inc.

94,800

582,703

Tosoh

Corp.

17,800

232,836

8,098,253

Commercial

Services

&

Supplies

0.1%

Dai

Nippon

Printing

Co.

Ltd.

14,650

348,544

Secom

Co.

Ltd.

13,300

792,174

Toppan,

Inc.

15,800

254,487

1,395,205

Construction

&

Engineering

0.1%

Kajima

Corp.

27,200

334,158

Obayashi

Corp.

39,500

306,194

Shimizu

Corp.

38,300

214,641

Taisei

Corp.

12,000

414,095

1,269,088

Diversified

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

45,500

231,646

ORIX

Corp.

78,400

1,377,075

1,608,721

Common

Stocks

Shares

Value

($)

JAPAN

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

77,816

2,330,151

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

43,700

470,045

Kansai

Electric

Power

Co.,

Inc.

(The)

47,900

460,499

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

95,800

357,973

1,288,517

Electrical

Equipment

0.3%

Fuji

Electric

Co.

Ltd.

7,940

321,249

Mitsubishi

Electric

Corp.

126,600

1,393,961

Nidec

Corp.

29,500

1,632,330

3,347,540

Electronic

Equipment,

Instruments

&

Components

1.2%

Azbil

Corp.

7,100

200,415

Hamamatsu

Photonics

KK

8,600

459,133

Hirose

Electric

Co.

Ltd.

1,865

242,094

Ibiden

Co.

Ltd.

7,500

293,383

Keyence

Corp.

12,672

5,853,536

Kyocera

Corp.

21,100

1,097,066

Murata

Manufacturing

Co.

Ltd.

37,200

2,137,291

Omron

Corp.

12,000

695,636

Shimadzu

Corp.

14,600

447,319

TDK

Corp.

24,800

885,975

Yokogawa

Electric

Corp.

14,500

254,572

12,566,420

Entertainment

0.5%

Capcom

Co.

Ltd.

12,000

387,952

Koei

Tecmo

Holdings

Co.

Ltd.

7,020

127,720

Konami

Group

Corp.

6,500

320,375

Nexon

Co.

Ltd.

30,400

734,996

Nintendo

Co.

Ltd.

71,500

3,092,226

Square

Enix

Holdings

Co.

Ltd.

5,000

236,223

Toho

Co.

Ltd.

7,900

291,819

5,191,311

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Daiwa

House

REIT

Investment

Corp.

154

335,001

GLP

J-REIT

273

309,053

Japan

Metropolitan

Fund

Invest

431

333,319

Japan

Real

Estate

Investment

Corp.

83

356,033

Nippon

Building

Fund,

Inc.

103

450,579

Nippon

Prologis

REIT,

Inc.

137

311,092

Nomura

Real

Estate

Master

Fund,

Inc.

286

334,537

2,429,614

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.

41,900

858,818

Kobe

Bussan

Co.

Ltd.

9,500

274,496

Seven

&

i

Holdings

Co.

Ltd.

49,000

2,316,599

40

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Food

&

Staples

Retailing

Welcia

Holdings

Co.

Ltd.(a)

5,700

127,476

3,577,389

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

29,600

975,733

Kikkoman

Corp.

9,000

475,712

MEIJI

Holdings

Co.

Ltd.

7,598

391,653

Nisshin

Seifun

Group,

Inc.

12,152

152,062

Nissin

Foods

Holdings

Co.

Ltd.

3,700

289,224

Yakult

Honsha

Co.

Ltd.

8,400

599,704

2,884,088

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

23,980

386,831

Tokyo

Gas

Co.

Ltd.

25,980

542,765

929,596

Health

Care

Equipment

&

Supplies

0.6%

Asahi

Intecc

Co.

Ltd.

13,100

229,634

Hoya

Corp.

23,500

2,587,724

Olympus

Corp.

78,800

1,480,430

Sysmex

Corp.

10,900

723,870

Terumo

Corp.

42,200

1,225,363

6,247,021

Health

Care

Technology

0.1%

M3,

Inc.

28,100

768,748

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

5,824

230,103

Oriental

Land

Co.

Ltd.

12,800

2,130,037

2,360,140

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

10,100

168,336

Open

House

Group

Co.

Ltd.

5,100

193,298

Panasonic

Holdings

Corp.

140,802

1,305,826

Sekisui

Chemical

Co.

Ltd.

25,200

352,855

Sekisui

House

Ltd.(a)

40,900

772,413

Sharp

Corp.

16,100

133,927

Sony

Group

Corp.

81,900

7,311,216

10,237,871

Household

Products

0.1%

Unicharm

Corp.

26,100

996,826

Industrial

Conglomerates

0.4%

Hitachi

Ltd.

62,760

3,295,438

Toshiba

Corp.

25,170

865,050

4,160,488

Insurance

0.8%

Dai-ichi

Life

Holdings,

Inc.

64,000

1,502,273

Japan

Post

Holdings

Co.

Ltd.

155,600

1,364,008

Japan

Post

Insurance

Co.

Ltd.

13,300

237,739

MS&AD

Insurance

Group

Holdings,

Inc.

28,655

921,307

Sompo

Holdings,

Inc.

20,125

869,000

T&D

Holdings,

Inc.

36,000

578,054

Tokio

Marine

Holdings,

Inc.

120,400

2,520,133

7,992,514

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

9,700

161,888

Common

Stocks

Shares

Value

($)

JAPAN

Interactive

Media

&

Services

Z

Holdings

Corp.

167,800

485,310

647,198

Internet

&

Direct

Marketing

Retail

0.1%

Rakuten

Group,

Inc.*

56,300

287,179

ZOZO,

Inc.

8,800

228,112

515,291

IT

Services

0.6%

Fujitsu

Ltd.

12,610

1,805,888

GMO

Payment

Gateway,

Inc.

2,500

231,547

Itochu

Techno-Solutions

Corp.

6,200

153,474

NEC

Corp.

15,800

570,480

Nomura

Research

Institute

Ltd.

23,154

555,478

NTT

Data

Corp.

41,500

644,341

Obic

Co.

Ltd.

4,600

736,032

Otsuka

Corp.

7,300

240,294

SCSK

Corp.

10,800

175,889

TIS,

Inc.

15,300

440,043

5,553,466

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

12,749

852,347

Shimano,

Inc.

4,700

843,585

Yamaha

Corp.

9,300

361,767

2,057,699

Machinery

1.1%

Daifuku

Co.

Ltd.

7,000

386,417

FANUC

Corp.

12,300

2,177,085

Hitachi

Construction

Machinery

Co.

Ltd.

7,200

169,943

Hoshizaki

Corp.

7,100

255,048

Komatsu

Ltd.

60,700

1,487,669

Kubota

Corp.

66,800

1,002,472

Kurita

Water

Industries

Ltd.

6,700

302,450

Makita

Corp.

14,700

392,663

MINEBEA

MITSUMI,

Inc.

24,800

431,779

MISUMI

Group,

Inc.

17,500

439,907

Mitsubishi

Heavy

Industries

Ltd.

21,620

847,463

NGK

Insulators

Ltd.

16,700

230,668

SMC

Corp.

3,600

1,830,137

Toyota

Industries

Corp.

9,300

565,957

Yaskawa

Electric

Corp.

15,100

590,740

11,110,398

Marine

0.1%

Mitsui

OSK

Lines

Ltd.(a)

22,200

549,012

Nippon

Yusen

KK(a)

31,920

756,542

1,305,554

Media

0.1%

CyberAgent

,

Inc.

30,700

287,675

Dentsu

Group,

Inc.

14,061

452,818

Hakuhodo

DY

Holdings,

Inc.

17,400

188,281

928,774

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

30,200

398,158

Nippon

Steel

Corp.

52,006

1,082,423

Sumitomo

Metal

Mining

Co.

Ltd.

16,000

647,157

2,127,738

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

JAPAN

Multiline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

25,400

469,196

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

203,417

724,539

Idemitsu

Kosan

Co.

Ltd.

14,044

350,192

Inpex

Corp.

66,000

727,366

1,802,097

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

52,300

216,129

Personal

Products

0.3%

Kao

Corp.

31,000

1,264,026

Kobayashi

Pharmaceutical

Co.

Ltd.

3,500

251,527

Kose

Corp.

1,900

209,132

Shiseido

Co.

Ltd.

26,300

1,372,356

3,097,041

Pharmaceuticals

1.3%

Astellas

Pharma,

Inc.

118,300

1,746,065

Chugai

Pharmaceutical

Co.

Ltd.

43,800

1,136,150

Daiichi

Sankyo

Co.

Ltd.

113,300

3,560,765

Eisai

Co.

Ltd.

16,500

1,023,596

Kyowa

Kirin

Co.

Ltd.

18,400

410,845

Nippon

Shinyaku

Co.

Ltd.

2,700

139,081

Ono

Pharmaceutical

Co.

Ltd.

23,500

510,355

Otsuka

Holdings

Co.

Ltd.

25,000

802,069

Shionogi

&

Co.

Ltd.

17,000

811,753

Takeda

Pharmaceutical

Co.

Ltd.

97,397

3,067,249

13,207,928

Professional

Services

0.3%

Nihon

M&A

Center

Holdings,

Inc.

19,500

199,141

Persol

Holdings

Co.

Ltd.

11,500

252,026

Recruit

Holdings

Co.

Ltd.

93,300

2,994,876

3,446,043

Real

Estate

Management

&

Development

0.4%

Daito

Trust

Construction

Co.

Ltd.

3,900

382,314

Daiwa

House

Industry

Co.

Ltd.

38,700

929,794

Hulic

Co.

Ltd.

23,600

193,638

Mitsubishi

Estate

Co.

Ltd.

76,900

991,812

Mitsui

Fudosan

Co.

Ltd.

60,300

1,131,685

Nomura

Real

Estate

Holdings,

Inc.

7,700

169,935

Sumitomo

Realty

&

Development

Co.

Ltd.

19,100

465,537

4,264,715

Road

&

Rail

0.5%

Central

Japan

Railway

Co.

9,400

1,142,625

East

Japan

Railway

Co.

19,890

1,102,790

Hankyu

Hanshin

Holdings,

Inc.

14,500

430,372

Keio

Corp.

6,680

244,895

Keisei

Electric

Railway

Co.

Ltd.

9,300

270,970

Common

Stocks

Shares

Value

($)

JAPAN

Road

&

Rail

Kintetsu

Group

Holdings

Co.

Ltd.

11,850

385,206

Odakyu

Electric

Railway

Co.

Ltd.

18,950

248,644

Tobu

Railway

Co.

Ltd.

12,700

297,692

Tokyu

Corp.

34,450

443,077

West

Japan

Railway

Co.

13,800

577,450

5,143,721

Semiconductors

&

Semiconductor

Equipment

0.7%

Advantest

Corp.

12,100

865,121

Disco

Corp.

1,800

540,479

Lasertec

Corp.

4,900

973,636

Renesas

Electronics

Corp.*

78,500

809,270

Rohm

Co.

Ltd.

5,900

472,701

SUMCO

Corp.

22,200

327,376

Tokyo

Electron

Ltd.

9,600

3,368,837

7,357,420

Software

0.1%

Oracle

Corp.

Japan

2,500

171,027

Trend

Micro,

Inc.*

8,500

420,909

591,936

Specialty

Retail

0.3%

Fast

Retailing

Co.

Ltd.

3,800

2,305,971

Hikari

Tsushin,

Inc.

1,100

156,580

Nitori

Holdings

Co.

Ltd.

5,100

676,005

USS

Co.

Ltd.

13,900

227,814

3,366,370

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

14,000

217,553

Canon,

Inc.

65,900

1,463,413

FUJIFILM

Holdings

Corp.

23,700

1,258,249

Ricoh

Co.

Ltd.

39,800

309,829

Seiko

Epson

Corp.

16,600

250,338

3,499,382

Tobacco

0.2%

Japan

Tobacco,

Inc.

76,800

1,563,653

Trading

Companies

&

Distributors

1.1%

ITOCHU

Corp.

78,000

2,521,638

Marubeni

Corp.

98,600

1,208,619

Mitsubishi

Corp.

81,400

2,725,195

Mitsui

&

Co.

Ltd.

93,900

2,774,625

MonotaRO

Co.

Ltd.

17,200

260,818

Sumitomo

Corp.

73,800

1,324,768

Toyota

Tsusho

Corp.

13,600

575,412

11,391,075

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.

104,700

3,271,282

SoftBank

Corp.

186,800

2,137,067

SoftBank

Group

Corp.

78,600

3,746,355

9,154,704

216,479,575

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

11,355

239,903

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE(a)

8,505

609,969

42

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

LUXEMBOURG

Metals

&

Mining

0.1%

ArcelorMittal

SA

34,975

1,081,413

1,691,382

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Galaxy

Entertainment

Group

Ltd.

142,000

992,139

Sands

China

Ltd.*

154,300

577,712

1,569,851

NETHERLANDS

5.4%

Banks

0.4%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

25,107

415,761

ING

Groep

NV

246,457

3,557,211

3,972,972

Beverages

0.2%

Heineken

Holding

NV

6,596

543,420

Heineken

NV

16,629

1,657,176

2,200,596

Biotechnology

0.1%

Argenx

SE*

3,287

1,249,589

Argenx

SE*

332

124,414

1,374,003

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

5,289

428,640

Chemicals

0.3%

Akzo

Nobel

NV

11,664

867,580

Koninklijke

DSM

NV

11,532

1,482,769

OCI

NV

6,268

213,186

2,563,535

Diversified

Financial

Services

0.1%

EXOR

NV*

6,840

543,539

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

222,791

761,146

Entertainment

0.1%

Universal

Music

Group

NV

47,708

1,220,508

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

67,857

2,022,216

Food

Products

0.0%

†

JDE

Peet's

NV

6,476

194,113

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV

56,883

985,465

Insurance

0.1%

Aegon

NV

113,480

623,607

NN

Group

NV

17,844

774,943

1,398,550

IT

Services

0.2%

Adyen

NV

Reg.

S*(b)

1,406

2,125,519

Oil,

Gas

&

Consumable

Fuels

1.4%

Shell

plc

471,362

13,844,966

Professional

Services

0.2%

Randstad

NV

8,106

519,110

Wolters

Kluwer

NV

16,968

1,849,287

2,368,397

Common

Stocks

Shares

Value

($)

NETHERLANDS

Semiconductors

&

Semiconductor

Equipment

1.8%

ASM

International

NV

3,055

1,035,515

ASML

Holding

NV

26,393

17,479,114

18,514,629

Trading

Companies

&

Distributors

0.1%

IMCD

NV

3,690

585,206

55,104,000

NEW

ZEALAND

0.2%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

125,058

421,705

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

39,010

151,562

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

36,627

599,427

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

84,917

293,411

Software

0.1%

Xero

Ltd.*

9,259

510,099

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.*

79,429

437,195

2,413,399

NORWAY

0.6%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

5,260

209,075

Banks

0.1%

DNB

Bank

ASA

58,875

1,099,895

Diversified

Telecommunication

Services

0.0%

†

Telenor

ASA

43,918

459,501

Food

Products

0.1%

Mowi

ASA

28,460

526,188

Orkla

ASA

50,860

379,864

Salmar

ASA

4,216

195,771

1,101,823

Insurance

0.0%

†

Gjensidige

Forsikring

ASA(a)

11,595

208,376

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

88,646

718,208

Oil,

Gas

&

Consumable

Fuels

0.3%

Aker

BP

ASA

21,035

640,904

Equinor

ASA

61,699

1,874,357

2,515,261

6,312,139

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

179,326

891,264

Food

&

Staples

Retailing

0.0%

†

Jeronimo

Martins

SGPS

SA

17,357

376,672

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

PORTUGAL

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

,

Class

B

34,119

466,741

1,734,677

SINGAPORE

1.7%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

104,600

294,444

Airlines

0.1%

Singapore

Airlines

Ltd.

91,182

411,884

Banks

0.7%

DBS

Group

Holdings

Ltd.

117,750

3,223,444

Oversea-Chinese

Banking

Corp.

Ltd.

219,989

2,171,024

United

Overseas

Bank

Ltd.

78,062

1,777,978

7,172,446

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

51,300

362,000

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

544,203

1,042,967

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

17,300

244,344

Entertainment

0.2%

Sea

Ltd.,

ADR*

22,996

1,482,092

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

CapitaLand

Ascendas

REIT

226,313

499,203

CapitaLand

Integrated

Commercial

Trust

346,278

568,259

Mapletree

Logistics

Trust

233,375

302,244

Mapletree

Pan

Asia

Commercial

Trust

147,300

205,287

1,574,993

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

399,917

302,948

Industrial

Conglomerates

0.1%

Jardine

Cycle

&

Carriage

Ltd.

6,700

148,591

Keppel

Corp.

Ltd.

95,100

548,986

697,577

Real

Estate

Management

&

Development

0.1%

Capitaland

Investment

Ltd.

163,645

496,836

City

Developments

Ltd.

29,899

189,837

UOL

Group

Ltd.

32,113

171,625

858,298

Road

&

Rail

0.0%

†

Grab

Holdings

Ltd.

,

Class

A

*

76,151

288,612

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

44,049

2,081,563

16,814,168

SOUTH

AFRICA

0.4%

Metals

&

Mining

0.4%

Anglo

American

plc

82,927

3,574,534

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

0.1%

Internet

&

Direct

Marketing

Retail

0.1%

Delivery

Hero

SE

Reg.

S*(b)

11,223

675,372

SPAIN

2.5%

Banks

0.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

395,783

2,785,579

Banco

Santander

SA

1,098,350

3,832,462

CaixaBank

SA

288,379

1,277,210

7,895,251

Biotechnology

0.0%

†

Grifols

SA*

20,723

274,267

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

14,810

437,565

Ferrovial

SA

31,963

943,015

1,380,580

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

34,649

1,359,684

Telefonica

SA

330,802

1,257,709

2,617,393

Electric

Utilities

0.6%

Acciona

SA

1,515

296,411

Endesa

SA

19,608

391,167

Iberdrola

SA

392,372

4,588,369

Iberdrola

SA*∞

6,621

77,342

Red

Electrica

Corp.

SA

26,538

470,345

5,823,634

Gas

Utilities

0.0%

†

Enagas

SA

15,738

282,279

Naturgy

Energy

Group

SA

8,595

243,507

525,786

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Corp.

ACCIONA

Energias

Renovables

SA

4,469

182,599

EDP

Renovaveis

SA

19,634

427,670

610,269

IT

Services

0.2%

Amadeus

IT

Group

SA*

28,889

1,817,319

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

90,123

1,479,473

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

70,697

2,207,723

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

4,926

738,874

25,370,569

SWEDEN

3.0%

Automobiles

0.0%

†

Volvo

Car

AB

,

Class

B

*(a)

42,655

212,933

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

106,510

1,287,964

Svenska

Handelsbanken

AB

,

Class

A

(a)

94,550

983,893

44

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Banks

Swedbank

AB

,

Class

A

58,745

1,126,628

3,398,485

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*

12,091

269,394

Building

Products

0.3%

Assa

Abloy

AB

,

Class

B

66,093

1,557,710

Nibe

Industrier

AB

,

Class

B

99,332

1,072,498

2,630,208

Capital

Markets

0.1%

EQT

AB

20,356

459,120

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB

,

Class

B

(a)

33,337

304,889

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

192,976

1,118,744

Construction

&

Engineering

0.0%

†

Skanska

AB

,

Class

B

22,739

401,085

Diversified

Financial

Services

0.4%

Industrivarden

AB

,

Class

A

9,055

239,745

Industrivarden

AB

,

Class

C

9,492

250,045

Investor

AB

,

Class

A

32,853

655,969

Investor

AB

,

Class

B

118,416

2,300,491

Kinnevik

AB

,

Class

B

*

16,033

247,809

L

E

Lundbergforetagen

AB

,

Class

B

4,561

211,467

3,905,526

Diversified

Telecommunication

Services

0.0%

†

Telia

Co.

AB

171,725

443,947

Electronic

Equipment,

Instruments

&

Components

0.1%

Hexagon

AB

,

Class

B

124,942

1,430,924

Entertainment

0.0%

†

Embracer

Group

AB*

42,536

198,511

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB

,

Class

B

13,701

308,896

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

11,962

1,344,284

Household

Durables

0.0%

†

Electrolux

AB

,

Class

B

(a)

12,903

182,991

Household

Products

0.1%

Essity

AB

,

Class

B

39,915

1,043,170

Industrial

Conglomerates

0.1%

Investment

AB

Latour

,

Class

B

9,649

203,665

Lifco

AB

,

Class

B

14,926

274,110

477,775

Machinery

1.0%

Alfa

Laval

AB

18,597

582,259

Atlas

Copco

AB

,

Class

A

175,080

2,070,749

Atlas

Copco

AB

,

Class

B

101,977

1,072,956

Epiroc

AB

,

Class

A

(a)

41,756

812,305

Epiroc

AB

,

Class

B

26,421

440,202

Husqvarna

AB

,

Class

B

28,576

243,624

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

Indutrade

AB

17,282

383,980

Sandvik

AB

68,173

1,410,112

SKF

AB

,

Class

B

26,185

462,644

Volvo

AB

,

Class

A

12,262

254,719

Volvo

AB

,

Class

B

97,597

1,934,391

9,667,941

Metals

&

Mining

0.1%

Boliden

AB

17,386

781,803

Paper

&

Forest

Products

0.1%

Holmen

AB

,

Class

B

5,497

226,582

Svenska

Cellulosa

AB

SCA

,

Class

B

39,892

553,559

780,141

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder

,

Class

B

*(a)

36,573

188,716

Sagax

AB

,

Class

B

(a)

11,613

289,213

477,929

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

47,054

578,267

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB

,

Class

B

35,224

304,449

30,721,412

SWITZERLAND

5.8%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

2,044

194,315

Building

Products

0.1%

Geberit

AG

(Registered)

2,341

1,338,259

Capital

Markets

0.8%

Credit

Suisse

Group

AG

(Registered)

234,462

805,161

Julius

Baer

Group

Ltd.

13,982

895,936

Partners

Group

Holding

AG

1,492

1,402,238

UBS

Group

AG

(Registered)

217,120

4,622,991

7,726,326

Chemicals

0.5%

Clariant

AG

(Registered)*

12,475

213,842

EMS-

Chemie

Holding

AG

(Registered)

468

348,114

Givaudan

SA

(Registered)

598

1,940,939

Sika

AG

(Registered)

9,416

2,680,749

5,183,644

Containers

&

Packaging

0.1%

SIG

Group

AG*

19,240

477,094

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

1,675

989,824

Electric

Utilities

0.0%

†

BKW

AG

1,433

206,200

Electrical

Equipment

0.4%

ABB

Ltd.

(Registered)

102,090

3,554,974

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

SWITZERLAND

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

226

471,436

Chocoladefabriken

Lindt

&

Spruengli

AG

68

747,298

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

7

788,949

2,007,683

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.

32,620

2,459,627

Sonova

Holding

AG

(Registered)

3,513

878,267

Straumann

Holding

AG

(Registered)

7,209

943,837

4,281,731

Insurance

0.6%

Baloise

Holding

AG

(Registered)

2,879

472,691

Swiss

Life

Holding

AG

(Registered)

1,969

1,163,532

Zurich

Insurance

Group

AG

9,746

4,820,127

6,456,350

Life

Sciences

Tools

&

Services

0.3%

Bachem

Holding

AG

,

Class

B

2,370

209,644

Lonza

Group

AG

(Registered)

4,891

2,792,150

3,001,794

Machinery

0.1%

Schindler

Holding

AG

2,569

547,261

Schindler

Holding

AG

(Registered)

1,661

335,677

VAT

Group

AG

Reg.

S(b)

1,736

541,552

1,424,490

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

3,513

837,139

Pharmaceuticals

1.3%

Novartis

AG

(Registered)

140,305

12,689,276

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

10,753

398,774

SGS

SA

(Registered)

413

1,006,802

1,405,576

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

4,895

436,070

Software

0.0%

†

Temenos

AG

(Registered)

4,479

320,261

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

11,426

668,913

Textiles,

Apparel

&

Luxury

Goods

0.6%

Cie

Financiere

Richemont

SA

(Registered)

33,977

5,238,769

Swatch

Group

AG

(The)

1,862

672,607

Common

Stocks

Shares

Value

($)

SWITZERLAND

Textiles,

Apparel

&

Luxury

Goods

Swatch

Group

AG

(The)

(Registered)

3,044

199,988

6,111,364

59,311,283

UNITED

KINGDOM

11.4%

Aerospace

&

Defense

0.3%

BAE

Systems

plc

205,207

2,168,734

Rolls-Royce

Holdings

plc*

535,954

702,113

2,870,847

Banks

1.7%

Barclays

plc

1,038,489

2,381,639

HSBC

Holdings

plc

1,296,577

9,558,723

Lloyds

Banking

Group

plc

4,395,000

2,865,953

NatWest

Group

plc

345,540

1,314,672

Standard

Chartered

plc

164,986

1,381,805

17,502,792

Beverages

0.7%

Coca-Cola

Europacific

Partners

plc(a)

13,550

761,781

Diageo

plc

147,991

6,429,856

7,191,637

Capital

Markets

0.5%

3i

Group

plc

63,921

1,246,450

abrdn

plc(a)

131,632

345,551

Hargreaves

Lansdown

plc

23,596

260,012

London

Stock

Exchange

Group

plc

21,400

1,960,642

Schroders

plc

46,163

273,112

St

James's

Place

plc

33,953

514,990

4,600,757

Chemicals

0.1%

Croda

International

plc

8,848

753,959

Johnson

Matthey

plc

12,759

356,303

1,110,262

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

161,597

980,391

Diversified

Consumer

Services

0.0%

†

Pearson

plc

44,641

507,797

Diversified

Financial

Services

0.0%

†

M&G

plc

160,562

401,058

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

437,952

675,417

Electric

Utilities

0.1%

SSE

plc

70,348

1,501,726

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

25,310

673,467

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

British

Land

Co.

plc

(The)

52,138

285,507

Land

Securities

Group

plc

43,915

385,093

Segro

plc

77,642

799,342

1,469,942

Food

&

Staples

Retailing

0.2%

J

Sainsbury

plc

108,131

350,757

Ocado

Group

plc*

35,329

282,297

Tesco

plc

489,435

1,486,734

2,119,788

46

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Food

Products

0.1%

Associated

British

Foods

plc

22,213

510,528

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

55,968

770,501

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

115,112

2,744,489

Entain

plc

38,439

709,273

InterContinental

Hotels

Group

plc

12,107

837,829

Whitbread

plc

13,888

522,880

4,814,471

Household

Durables

0.1%

Barratt

Developments

plc

68,676

391,044

Berkeley

Group

Holdings

plc

6,652

341,360

Persimmon

plc

19,346

339,412

Taylor

Wimpey

plc

243,256

352,575

1,424,391

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

46,648

3,321,887

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

176,386

1,126,019

DCC

plc

6,703

381,878

Melrose

Industries

plc

269,918

474,393

Smiths

Group

plc

23,058

491,251

2,473,541

Insurance

0.3%

Admiral

Group

plc

10,885

295,270

Aviva

plc

180,964

1,018,355

Legal

&

General

Group

plc

394,452

1,240,742

Phoenix

Group

Holdings

plc

50,119

397,171

2,951,538

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

60,588

470,233

Internet

&

Direct

Marketing

Retail

0.0%

†

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

11,206

288,603

Machinery

0.2%

CNH

Industrial

NV

66,535

1,171,587

Spirax-Sarco

Engineering

plc

4,877

696,327

1,867,914

Media

0.2%

Informa

plc

93,452

771,937

WPP

plc

69,627

812,216

1,584,153

Multiline

Retail

0.1%

Next

plc

8,532

699,637

Multi-Utilities

0.3%

National

Grid

plc

239,146

3,041,901

Oil,

Gas

&

Consumable

Fuels

0.7%

BP

plc

1,224,645

7,409,408

Personal

Products

0.8%

Unilever

plc

165,275

8,397,873

Pharmaceuticals

1.3%

AstraZeneca

plc

100,548

13,155,534

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Professional

Services

0.6%

Experian

plc

60,087

2,196,808

Intertek

Group

plc

10,366

557,175

RELX

plc

124,092

3,687,990

6,441,973

Software

0.1%

Sage

Group

plc

(The)

64,133

615,208

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

174,292

351,362

Kingfisher

plc

125,866

433,873

785,235

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

25,940

788,979

Tobacco

0.7%

British

American

Tobacco

plc

138,270

5,288,024

Imperial

Brands

plc

59,543

1,492,730

6,780,754

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

28,532

1,878,376

Bunzl

plc

21,230

779,302

2,657,678

Water

Utilities

0.1%

Severn

Trent

plc

16,089

560,011

United

Utilities

Group

plc

44,616

583,322

1,143,333

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc

1,734,988

1,998,801

115,999,955

UNITED

STATES

6.3%

Automobiles

0.2%

Stellantis

NV

143,602

2,251,306

Biotechnology

0.6%

CSL

Ltd.(a)

31,235

6,592,965

Construction

Materials

0.3%

Holcim

AG*

35,912

2,140,778

James

Hardie

Industries

plc

CHDI

29,399

659,522

2,800,300

Electrical

Equipment

0.6%

Schneider

Electric

SE

35,387

5,738,260

Energy

Equipment

&

Services

0.1%

Tenaris

SA

31,431

557,341

Food

Products

2.1%

Nestle

SA

(Registered)

178,565

21,790,546

Insurance

0.2%

Swiss

Re

AG

19,493

2,038,826

IT

Services

0.1%

Computershare

Ltd.

36,850

617,191

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

15,134

735,104

Personal

Products

0.1%

Haleon

plc*

333,364

1,333,913

Pharmaceuticals

1.9%

GSK

plc

263,481

4,601,172

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

UNITED

STATES

Pharmaceuticals

Roche

Holding

AG

47,402

14,909,462

19,510,634

Software

0.0%

†

CyberArk

Software

Ltd.*

2,767

389,815

64,356,201

Total

Common

Stocks

(cost

$649,731,983)

1,003,625,053

Rights

0.0%

†

Number

of

Rights

SPAIN

0.0%

†

Construction

&

Engineering

0.0%

†

ACS

Actividades

de

Construccion

y

Servicios

SA,

expiring

2/3/2023*(a)

14,810

7,514

Total

Rights

(cost

$7,628)

7,514

Repurchase

Agreement

0.3%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$2,611,381,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$2,663,608.(c)

2,611,070

2,611,070

Total

Repurchase

Agreement

(cost

$2,611,070)

2,611,070

Total

Investments

(cost

$652,350,681)

—

99.1%

1,006,243,637

Other

assets

in

excess

of

liabilities

—

0.9%

9,611,272

NET

ASSETS

—

100.0%

$

1,015,854,909

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$18,862,939,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,611,070

and

by

$18,342,253

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$20,953,323.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2023

was

$15,117,036

which

represents

1.49%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$2,611,070.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

48

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

55

3/2023

EUR

2,493,977

11,164

FTSE

100

Index

16

3/2023

GBP

1,528,635

2,595

Nikkei

225

Index

18

3/2023

JPY

1,888,987

21,498

SPI

200

Index

7

3/2023

AUD

917,164

1,480

Net

contracts

36,737

As

of

January

31,

2023,

the

Fund

had

$531,893

segregated

in

foreign

currency

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

50

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

14,380,897

$

–

$

14,380,897

Air

Freight

&

Logistics

–

5,670,944

–

5,670,944

Airlines

–

1,478,404

–

1,478,404

Auto

Components

–

6,218,929

–

6,218,929

Automobiles

–

30,854,562

–

30,854,562

Banks

3,433,819

97,900,962

–

101,334,781

Beverages

761,781

19,750,798

–

20,512,579

Biotechnology

124,414

10,052,210

–

10,176,624

Building

Products

–

10,778,206

–

10,778,206

Capital

Markets

210,248

27,187,982

–

27,398,230

Chemicals

–

31,390,235

–

31,390,235

Commercial

Services

&

Supplies

–

3,447,280

–

3,447,280

Communications

Equipment

–

2,778,891

–

2,778,891

Construction

&

Engineering

–

8,032,702

–

8,032,702

Construction

Materials

–

5,694,758

–

5,694,758

Containers

&

Packaging

–

1,149,449

–

1,149,449

Distributors

–

291,732

–

291,732

Diversified

Consumer

Services

–

805,932

–

805,932

Diversified

Financial

Services

293,590

7,319,710

–

7,613,300

Diversified

Telecommunication

Services

–

18,388,648

–

18,388,648

Electric

Utilities

495,579

18,146,471

–

18,642,050

Electrical

Equipment

–

17,335,917

–

17,335,917

Electronic

Equipment,

Instruments

&

Components

–

14,915,155

–

14,915,155

Energy

Equipment

&

Services

–

557,341

–

557,341

Entertainment

1,482,092

7,072,200

–

8,554,292

Equity

Real

Estate

Investment

Trusts

(REITs)

–

12,698,277

–

12,698,277

Food

&

Staples

Retailing

–

13,053,400

–

13,053,400

Food

Products

–

32,467,030

–

32,467,030

Gas

Utilities

–

3,469,738

–

3,469,738

Health

Care

Equipment

&

Supplies

–

20,240,301

–

20,240,301

Health

Care

Providers

&

Services

–

2,786,080

–

2,786,080

Health

Care

Technology

–

768,748

–

768,748

Hotels,

Restaurants

&

Leisure

–

14,687,349

–

14,687,349

Household

Durables

–

12,007,785

–

12,007,785

Household

Products

–

6,594,718

–

6,594,718

Independent

Power

and

Renewable

Electricity

Producers

–

2,747,067

–

2,747,067

Industrial

Conglomerates

539,070

15,526,861

–

16,065,931

Insurance

–

53,992,973

–

53,992,973

Interactive

Media

&

Services

–

2,282,823

–

2,282,823

Internet

&

Direct

Marketing

Retail

–

6,525,088

–

6,525,088

IT

Services

320,086

14,303,932

–

14,624,018

Leisure

Products

–

2,057,699

–

2,057,699

Life

Sciences

Tools

&

Services

–

5,677,815

–

5,677,815

Machinery

–

29,283,064

–

29,283,064

Marine

113,757

3,447,760

–

3,561,517

Media

–

4,047,337

–

4,047,337

Metals

&

Mining

–

39,163,979

–

39,163,979

Multiline

Retail

–

3,787,055

–

3,787,055

Multi-Utilities

–

7,629,298

–

7,629,298

Oil,

Gas

&

Consumable

Fuels

–

46,676,149

–

46,676,149

Paper

&

Forest

Products

–

3,397,021

–

3,397,021

Personal

Products

–

20,102,960

–

20,102,960

Pharmaceuticals

760,250

88,290,435

–

89,050,685

Professional

Services

–

15,247,267

–

15,247,267

Real

Estate

Management

&

Development

322,980

13,139,330

–

13,462,310

Road

&

Rail

288,612

5,979,110

–

6,267,722

Nationwide

International

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

–

$

31,269,794

$

–

$

31,269,794

Software

1,225,901

13,057,626

–

14,283,527

Specialty

Retail

–

6,937,595

–

6,937,595

Technology

Hardware,

Storage

&

Peripherals

–

4,168,295

–

4,168,295

Textiles,

Apparel

&

Luxury

Goods

–

33,093,268

–

33,093,268

Tobacco

–

8,344,407

–

8,344,407

Trading

Companies

&

Distributors

574,326

15,585,122

–

16,159,448

Transportation

Infrastructure

–

3,942,390

–

3,942,390

Water

Utilities

–

1,143,333

–

1,143,333

Wireless

Telecommunication

Services

–

11,457,954

–

11,457,954

Total

Common

Stocks

$

10,946,505

$

992,678,548

$

–

$

1,003,625,053

Futures

Contracts

36,737

–

–

36,737

Repurchase

Agreement

–

2,611,070

–

2,611,070

Rights

7,514

–

–

7,514

Total

$

10,990,756

$

995,289,618

$

–

$

1,006,280,374

Common

Stocks

Total

Balance

as

of

10/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

4,632

4,632

Purchases

—

—

Sales

(4,632)

(4,632)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

1/31/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

1/31/2023

**

$

—

$

—

52

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

International

Index

Fund

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

36,737

Total

$

36,737

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

99.8%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Axon

Enterprise,

Inc.*

21,451

4,192,383

Curtiss-Wright

Corp.

12,130

2,011,154

Hexcel

Corp.(a)

26,446

1,866,559

Mercury

Systems,

Inc.*(a)

18,302

914,825

Woodward,

Inc.(a)

19,007

1,943,656

10,928,577

Air

Freight

&

Logistics

0.3%

GXO

Logistics,

Inc.*

37,366

1,955,363

Airlines

0.1%

JetBlue

Airways

Corp.*

102,986

823,888

Auto

Components

1.5%

Adient

plc*

29,762

1,339,885

Dana,

Inc.(a)

40,095

727,323

Fox

Factory

Holding

Corp.*

13,351

1,576,620

Gentex

Corp.

73,956

2,182,441

Goodyear

Tire

&

Rubber

Co.

(The)*

90,071

1,013,299

Lear

Corp.

18,756

2,734,250

Visteon

Corp.*(a)

8,939

1,397,523

10,971,341

Automobiles

0.5%

Harley-Davidson,

Inc.(a)

42,019

1,934,135

Thor

Industries,

Inc.(a)

17,135

1,633,479

3,567,614

Banks

6.9%

Associated

Banc-Corp.

47,617

1,067,097

Bank

of

Hawaii

Corp.(a)

12,606

964,233

Bank

OZK

35,083

1,602,241

Cadence

Bank

58,328

1,492,030

Cathay

General

Bancorp

23,631

1,038,819

Commerce

Bancshares,

Inc.

(a)

36,177

2,407,941

Cullen/Frost

Bankers,

Inc.

20,415

2,659,666

East

West

Bancorp,

Inc.

44,518

3,495,553

First

Financial

Bankshares,

Inc.(a)

41,199

1,467,508

First

Horizon

Corp.

169,523

4,192,304

FNB

Corp.

110,486

1,576,635

Fulton

Financial

Corp.(a)

53,166

889,467

Glacier

Bancorp,

Inc.(a)

34,927

1,592,322

Hancock

Whitney

Corp.

26,884

1,383,988

Home

BancShares,

Inc.

60,248

1,438,120

International

Bancshares

Corp.

16,818

788,260

Old

National

Bancorp

92,213

1,613,728

PacWest

Bancorp

37,448

1,035,812

Pinnacle

Financial

Partners,

Inc.

24,282

1,911,722

Prosperity

Bancshares,

Inc.

28,714

2,178,244

Synovus

Financial

Corp.

45,924

1,926,512

Texas

Capital

Bancshares,

Inc.*

15,839

1,046,483

UMB

Financial

Corp.

13,916

1,255,084

Umpqua

Holdings

Corp.

68,748

1,251,214

United

Bankshares,

Inc.(a)

42,517

1,709,183

Valley

National

Bancorp(a)

133,233

1,582,808

Washington

Federal,

Inc.

20,818

738,206

Webster

Financial

Corp.

55,548

2,924,602

Common

Stocks

Shares

Value

($)

Banks

Wintrust

Financial

Corp.

19,281

1,763,633

48,993,415

Beverages

0.5%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

2,997

1,164,664

Celsius

Holdings,

Inc.*

12,756

1,279,682

Coca-Cola

Consolidated,

Inc.

1,477

748,514

3,192,860

Biotechnology

1.7%

Arrowhead

Pharmaceuticals,

Inc.*

33,283

1,164,572

Exelixis,

Inc.*

102,112

1,799,213

Halozyme

Therapeutics,

Inc.*(a)

42,854

2,218,552

Neurocrine

Biosciences,

Inc.*(a)

30,469

3,379,926

United

Therapeutics

Corp.*

14,453

3,803,596

12,365,859

Building

Products

2.7%

Builders

FirstSource,

Inc.*(a)

46,646

3,717,686

Carlisle

Cos.,

Inc.

16,340

4,099,052

Fortune

Brands

Innovations,

Inc.

40,515

2,613,623

Lennox

International,

Inc.

10,182

2,653,633

Owens

Corning

29,620

2,862,773

Simpson

Manufacturing

Co.,

Inc.(a)

13,732

1,470,835

Trex

Co.,

Inc.*

34,834

1,836,448

19,254,050

Capital

Markets

2.1%

Affiliated

Managers

Group,

Inc.

12,049

2,081,344

Evercore,

Inc.,

Class

A

11,445

1,485,675

Federated

Hermes,

Inc.,

Class

B

26,809

1,053,594

Interactive

Brokers

Group,

Inc.,

Class

A

32,474

2,595,972

Janus

Henderson

Group

plc

41,867

1,085,193

Jefferies

Financial

Group,

Inc.

58,061

2,280,636

SEI

Investments

Co.

32,530

2,030,848

Stifel

Financial

Corp.

33,532

2,260,392

14,873,654

Chemicals

2.7%

Ashland,

Inc.

15,732

1,719,036

Avient

Corp.

27,093

1,097,808

Cabot

Corp.

17,919

1,349,838

Chemours

Co.

(The)

48,835

1,777,106

Ingevity

Corp.*

11,299

931,489

NewMarket

Corp.

2,215

763,090

Olin

Corp.

40,370

2,607,498

RPM

International,

Inc.

40,756

3,664,372

Scotts

Miracle-Gro

Co.

(The)

(a)

12,856

928,075

Sensient

Technologies

Corp.

(a)

13,200

999,108

Valvoline,

Inc.

55,764

2,044,308

Westlake

Corp.

10,885

1,336,134

19,217,862

54

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

1.5%

Brink's

Co.

(The)

14,905

977,768

Clean

Harbors,

Inc.*

15,895

2,071,118

IAA,

Inc.*

42,054

1,754,913

MSA

Safety,

Inc.(a)

11,640

1,587,580

Stericycle,

Inc.*

29,278

1,575,449

Tetra

Tech,

Inc.

16,826

2,616,780

10,583,608

Communications

Equipment

0.8%

Calix,

Inc.*

18,023

948,731

Ciena

Corp.*

47,294

2,460,234

Lumentum

Holdings,

Inc.*(a)

21,871

1,316,197

Viasat,

Inc.*

24,230

834,723

5,559,885

Construction

&

Engineering

2.1%

AECOM

44,117

3,850,091

Dycom

Industries,

Inc.*

9,466

902,772

EMCOR

Group,

Inc.

15,104

2,239,168

Fluor

Corp.*(a)

44,637

1,640,410

MasTec,

Inc.*(a)

18,540

1,821,184

MDU

Resources

Group,

Inc.

64,241

1,985,689

Valmont

Industries,

Inc.

6,777

2,234,580

14,673,894

Construction

Materials

0.2%

Eagle

Materials,

Inc.

11,875

1,734,700

Consumer

Finance

0.4%

FirstCash

Holdings,

Inc.

12,095

1,114,917

Navient

Corp.

34,564

655,679

SLM

Corp.

78,945

1,387,064

3,157,660

Containers

&

Packaging

0.9%

AptarGroup,

Inc.

20,749

2,399,414

Greif,

Inc.,

Class

A

8,443

603,084

Silgan

Holdings,

Inc.

26,638

1,435,522

Sonoco

Products

Co.

30,804

1,882,432

6,320,452

Diversified

Consumer

Services

1.1%

Graham

Holdings

Co.,

Class

B

1,223

798,998

Grand

Canyon

Education,

Inc.*

9,721

1,133,080

H&R

Block,

Inc.

49,274

1,920,700

Service

Corp.

International

48,747

3,614,590

7,467,368

Diversified

Financial

Services

0.3%

Voya

Financial,

Inc.(a)

31,091

2,169,219

Diversified

Telecommunication

Services

0.6%

Frontier

Communications

Parent,

Inc.*(a)

70,206

2,078,800

Iridium

Communications,

Inc.*

40,298

2,411,432

4,490,232

Electric

Utilities

1.3%

ALLETE,

Inc.

18,200

1,125,852

Hawaiian

Electric

Industries,

Inc.

34,366

1,452,651

IDACORP,

Inc.(a)

15,972

1,689,997

OGE

Energy

Corp.

63,170

2,483,844

PNM

Resources,

Inc.

27,308

1,351,200

Common

Stocks

Shares

Value

($)

Electric

Utilities

Portland

General

Electric

Co.

28,363

1,349,512

9,453,056

Electrical

Equipment

2.1%

Acuity

Brands,

Inc.(a)

10,335

1,948,354

EnerSys

12,844

1,066,309

Hubbell,

Inc.

17,038

3,900,169

nVent

Electric

plc

52,336

2,080,356

Regal

Rexnord

Corp.

21,001

2,923,339

SunPower

Corp.*(a)

27,137

472,998

Sunrun,

Inc.*

67,007

1,760,944

Vicor

Corp.*(a)

7,121

494,411

14,646,880

Electronic

Equipment,

Instruments

&

Components

3.3%

Arrow

Electronics,

Inc.*

19,494

2,290,350

Avnet,

Inc.

29,005

1,330,749

Belden,

Inc.

13,785

1,117,826

Cognex

Corp.

54,779

2,998,603

Coherent

Corp.*

43,956

1,907,690

IPG

Photonics

Corp.*

10,503

1,177,386

Jabil,

Inc.(a)

42,672

3,355,299

Littelfuse,

Inc.

7,820

2,007,316

National

Instruments

Corp.

41,636

2,248,344

Novanta,

Inc.*

11,236

1,814,277

TD

SYNNEX

Corp.

13,282

1,356,756

Vishay

Intertechnology,

Inc.(a)

41,767

956,047

Vontier

Corp.

50,065

1,152,997

23,713,640

Energy

Equipment

&

Services

0.7%

ChampionX

Corp.

63,913

2,110,407

NOV,

Inc.

124,060

3,032,027

5,142,434

Entertainment

0.2%

World

Wrestling

Entertainment,

Inc.,

Class

A(a)

13,722

1,161,156

Equity

Real

Estate

Investment

Trusts

(REITs)

8.0%

Apartment

Income

REIT

Corp.

47,518

1,818,039

Brixmor

Property

Group,

Inc.

94,583

2,225,538

Corporate

Office

Properties

Trust

35,592

999,067

Cousins

Properties,

Inc.

48,037

1,317,175

CubeSmart

71,177

3,259,195

Douglas

Emmett,

Inc.

55,332

926,811

EastGroup

Properties,

Inc.

13,829

2,326,729

EPR

Properties

23,937

1,016,844

First

Industrial

Realty

Trust,

Inc.

41,723

2,225,922

Healthcare

Realty

Trust,

Inc.

120,113

2,586,033

Highwoods

Properties,

Inc.

33,532

1,018,367

Independence

Realty

Trust,

Inc.

70,944

1,335,876

JBG

SMITH

Properties

31,182

628,005

Kilroy

Realty

Corp.

33,295

1,366,427

Kite

Realty

Group

Trust

69,221

1,502,096

Lamar

Advertising

Co.,

Class

A

27,723

2,953,608

Life

Storage,

Inc.

26,939

2,910,490

Macerich

Co.

(The)

68,804

945,367

Medical

Properties

Trust,

Inc.

188,812

2,445,115

National

Retail

Properties,

Inc.

56,647

2,682,235

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

National

Storage

Affiliates

Trust

27,127

1,106,782

Omega

Healthcare

Investors,

Inc.

73,808

2,172,908

Park

Hotels

&

Resorts,

Inc.

71,225

1,047,720

Pebblebrook

Hotel

Trust

41,111

674,220

Physicians

Realty

Trust

72,345

1,147,392

PotlatchDeltic

Corp.

25,652

1,255,665

Rayonier,

Inc.

46,226

1,682,164

Rexford

Industrial

Realty,

Inc.

58,156

3,691,161

Sabra

Health

Care

REIT,

Inc.

73,235

988,672

SL

Green

Realty

Corp.

20,513

844,110

Spirit

Realty

Capital,

Inc.

44,264

1,942,304

STORE

Capital

Corp.

83,947

2,703,933

Vornado

Realty

Trust

50,971

1,243,183

56,989,153

Food

&

Staples

Retailing

1.5%

BJ's

Wholesale

Club

Holdings,

Inc.*

42,706

3,094,904

Casey's

General

Stores,

Inc.

11,851

2,795,769

Grocery

Outlet

Holding

Corp.*

27,624

839,493

Performance

Food

Group

Co.*

49,339

3,025,468

Sprouts

Farmers

Market,

Inc.*

34,082

1,088,920

10,844,554

Food

Products

1.5%

Darling

Ingredients,

Inc.*

50,664

3,358,516

Flowers

Foods,

Inc.

60,958

1,687,927

Ingredion,

Inc.

20,744

2,132,483

Lancaster

Colony

Corp.

6,258

1,200,973

Pilgrim's

Pride

Corp.*

14,695

356,795

Post

Holdings,

Inc.*

17,154

1,628,772

10,365,466

Gas

Utilities

1.4%

National

Fuel

Gas

Co.(a)

28,899

1,677,876

New

Jersey

Resources

Corp.

30,238

1,509,481

ONE

Gas,

Inc.(a)

17,186

1,415,439

Southwest

Gas

Holdings,

Inc.

19,369

1,296,367

Spire,

Inc.(a)

16,541

1,194,591

UGI

Corp.

66,052

2,630,851

9,724,605

Health

Care

Equipment

&

Supplies

3.5%

Enovis

Corp.*

15,202

956,966

Envista

Holdings

Corp.*

51,853

2,021,749

Globus

Medical,

Inc.,

Class

A*(a)

24,327

1,836,689

Haemonetics

Corp.*

16,212

1,371,535

ICU

Medical,

Inc.*

6,349

1,226,817

Inari

Medical,

Inc.*

15,304

873,093

Integra

LifeSciences

Holdings

Corp.*

22,933

1,314,061

Lantheus

Holdings,

Inc.*(a)

21,794

1,253,155

LivaNova

plc*

17,181

965,572

Masimo

Corp.*

15,213

2,587,427

Neogen

Corp.*

68,107

1,458,171

Omnicell,

Inc.*

14,194

787,341

Penumbra,

Inc.*(a)

12,040

3,014,936

QuidelOrtho

Corp.*

17,031

1,458,024

Shockwave

Medical,

Inc.*

11,455

2,152,738

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

STAAR

Surgical

Co.*(a)

15,295

1,079,062

Tandem

Diabetes

Care,

Inc.*(a)

20,396

830,933

25,188,269

Health

Care

Providers

&

Services

2.3%

Acadia

Healthcare

Co.,

Inc.*

28,679

2,409,610

Amedisys,

Inc.*(a)

10,301

995,695

Chemed

Corp.(a)

4,697

2,372,643

Encompass

Health

Corp.

31,782

1,984,786

HealthEquity,

Inc.*

26,653

1,621,835

LHC

Group,

Inc.*

9,792

1,553,011

Option

Care

Health,

Inc.*

48,769

1,407,961

Patterson

Cos.,

Inc.

27,458

828,957

Progyny,

Inc.*

23,360

803,350

R1

RCM,

Inc.*(a)

43,424

621,397

Tenet

Healthcare

Corp.*

34,274

1,879,929

16,479,174

Hotels,

Restaurants

&

Leisure

2.9%

Boyd

Gaming

Corp.

25,141

1,566,536

Choice

Hotels

International,

Inc.

8,784

1,079,466

Churchill

Downs,

Inc.

10,451

2,592,893

Cracker

Barrel

Old

Country

Store,

Inc.(a)

7,193

802,595

Light

&

Wonder,

Inc.*

29,735

1,940,209

Marriott

Vacations

Worldwide

Corp.

12,145

1,943,686

Papa

John's

International,

Inc.

(a)

10,218

916,452

Penn

Entertainment,

Inc.*(a)

50,070

1,774,982

Texas

Roadhouse,

Inc.(a)

21,023

2,111,340

Travel

+

Leisure

Co.

26,630

1,128,313

Wendy's

Co.

(The)

53,903

1,202,037

Wingstop,

Inc.

9,443

1,496,432

Wyndham

Hotels

&

Resorts,

Inc.

27,993

2,169,737

20,724,678

Household

Durables

1.5%

Helen

of

Troy

Ltd.*

7,750

876,603

KB

Home

26,669

1,025,423

Leggett

&

Platt,

Inc.(a)

41,752

1,526,453

Taylor

Morrison

Home

Corp.,

Class

A*

34,339

1,229,336

Tempur

Sealy

International,

Inc.

54,195

2,208,446

Toll

Brothers,

Inc.

33,731

2,006,657

TopBuild

Corp.*

10,255

2,051,616

10,924,534

Household

Products

0.1%

Energizer

Holdings,

Inc.

20,873

774,388

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Ormat

Technologies,

Inc.(a)

15,268

1,413,053

Insurance

4.0%

American

Financial

Group,

Inc.

22,062

3,145,821

Brighthouse

Financial,

Inc.*

21,910

1,232,876

CNO

Financial

Group,

Inc.

36,124

930,554

56

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

First

American

Financial

Corp.

32,907

2,035,956

Hanover

Insurance

Group,

Inc.

(The)

11,251

1,514,160

Kemper

Corp.

20,246

1,189,047

Kinsale

Capital

Group,

Inc.

6,826

1,900,631

Old

Republic

International

Corp.

90,533

2,389,166

Primerica,

Inc.

11,832

1,913,826

Reinsurance

Group

of

America,

Inc.

21,168

3,212,667

RenaissanceRe

Holdings

Ltd.

13,807

2,701,892

RLI

Corp.

12,738

1,687,148

Selective

Insurance

Group,

Inc.

19,059

1,810,605

Unum

Group

59,390

2,496,162

28,160,511

Interactive

Media

&

Services

0.3%

TripAdvisor,

Inc.*(a)

32,791

764,030

Ziff

Davis,

Inc.*

14,908

1,333,968

2,097,998

IT

Services

2.0%

Concentrix

Corp.

13,473

1,910,606

Euronet

Worldwide,

Inc.*

14,988

1,688,848

ExlService

Holdings,

Inc.*

10,420

1,777,652

Genpact

Ltd.

53,328

2,521,348

Kyndryl

Holdings,

Inc.*

64,176

859,317

Maximus,

Inc.

19,263

1,441,836

Western

Union

Co.

(The)

122,444

1,735,031

WEX,

Inc.*(a)

14,018

2,592,909

14,527,547

Leisure

Products

1.2%

Brunswick

Corp.

22,980

1,937,903

Mattel,

Inc.*

111,256

2,276,298

Polaris,

Inc.

17,267

1,982,942

Topgolf

Callaway

Brands

Corp.*(a)

43,783

1,072,246

YETI

Holdings,

Inc.*

27,451

1,228,707

8,498,096

Life

Sciences

Tools

&

Services

1.4%

Azenta,

Inc.*

23,783

1,329,470

Bruker

Corp.

31,991

2,243,209

Medpace

Holdings,

Inc.*

7,906

1,747,779

Repligen

Corp.*

16,303

3,020,946

Sotera

Health

Co.*

32,875

566,765

Syneos

Health,

Inc.*

32,671

1,173,542

10,081,711

Machinery

4.7%

AGCO

Corp.

19,560

2,701,823

Chart

Industries,

Inc.*(a)

13,286

1,780,058

Crane

Holdings

Co.

15,184

1,759,977

Donaldson

Co.,

Inc.

39,034

2,433,770

Esab

Corp.

16,448

950,859

Flowserve

Corp.

41,272

1,420,582

Graco,

Inc.

53,426

3,650,064

ITT,

Inc.

26,211

2,400,666

Kennametal,

Inc.

25,524

727,434

Lincoln

Electric

Holdings,

Inc.

18,296

3,053,054

Middleby

Corp.

(The)*(a)

17,002

2,642,961

Common

Stocks

Shares

Value

($)

Machinery

Oshkosh

Corp.

20,652

2,081,309

Terex

Corp.

21,419

1,091,726

Timken

Co.

(The)

21,052

1,733,632

Toro

Co.

(The)

33,035

3,684,063

Watts

Water

Technologies,

Inc.,

Class

A

8,555

1,398,914

33,510,892

Marine

0.2%

Kirby

Corp.*

19,086

1,350,907

Media

1.1%

Cable

One,

Inc.

1,525

1,204,567

John

Wiley

&

Sons,

Inc.,

Class

A

13,552

620,682

New

York

Times

Co.

(The),

Class

A

52,274

1,821,226

Nexstar

Media

Group,

Inc.

11,951

2,447,206

TEGNA,

Inc.

70,670

1,408,453

7,502,134

Metals

&

Mining

2.7%

Alcoa

Corp.

56,078

2,929,515

Cleveland-Cliffs,

Inc.*

163,377

3,488,099

Commercial

Metals

Co.

37,191

2,018,356

MP

Materials

Corp.*(a)

29,198

949,227

Reliance

Steel

&

Aluminum

Co.

18,601

4,230,797

Royal

Gold,

Inc.(a)

20,736

2,634,094

United

States

Steel

Corp.

74,943

2,135,126

Worthington

Industries,

Inc.

9,410

535,147

18,920,361

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.5%

Annaly

Capital

Management,

Inc.

148,285

3,480,249

Multiline

Retail

0.7%

Kohl's

Corp.

36,967

1,196,622

Macy's,

Inc.

85,212

2,013,559

Nordstrom,

Inc.(a)

35,925

701,974

Ollie's

Bargain

Outlet

Holdings,

Inc.*

18,310

1,002,656

4,914,811

Multi-Utilities

0.4%

Black

Hills

Corp.

20,708

1,498,845

NorthWestern

Corp.

18,312

1,040,122

2,538,967

Oil,

Gas

&

Consumable

Fuels

3.0%

Antero

Midstream

Corp.

106,142

1,156,948

Antero

Resources

Corp.*(a)

87,515

2,523,932

CNX

Resources

Corp.*(a)

57,200

956,956

DT

Midstream,

Inc.(a)

30,560

1,670,410

Equitrans

Midstream

Corp.

137,741

998,622

HF

Sinclair

Corp.

42,625

2,425,362

Matador

Resources

Co.(a)

35,336

2,337,830

Murphy

Oil

Corp.

46,163

2,013,168

PBF

Energy,

Inc.,

Class

A(a)

36,192

1,519,702

PDC

Energy,

Inc.(a)

29,204

1,977,987

Range

Resources

Corp.

76,584

1,916,132

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Southwestern

Energy

Co.*

351,757

1,941,699

21,438,748

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

23,229

1,581,663

Personal

Products

0.3%

BellRing

Brands,

Inc.*

42,979

1,218,885

Coty,

Inc.,

Class

A*

113,998

1,135,420

2,354,305

Pharmaceuticals

0.7%

Jazz

Pharmaceuticals

plc*(a)

19,956

3,126,307

Perrigo

Co.

plc

42,887

1,604,831

4,731,138

Professional

Services

1.7%

ASGN,

Inc.*

15,803

1,437,283

CACI

International,

Inc.,

Class

A*

7,393

2,277,709

FTI

Consulting,

Inc.*

10,884

1,736,216

Insperity,

Inc.(a)

11,210

1,239,265

KBR,

Inc.

43,483

2,227,634

ManpowerGroup,

Inc.

16,023

1,396,565

Science

Applications

International

Corp.

17,591

1,825,594

12,140,266

Real

Estate

Management

&

Development

0.4%

Jones

Lang

LaSalle,

Inc.*

15,132

2,797,453

Road

&

Rail

1.8%

Avis

Budget

Group,

Inc.*

7,885

1,577,315

Knight-Swift

Transportation

Holdings,

Inc.

50,756

2,999,680

Landstar

System,

Inc.(a)

11,508

1,988,928

Ryder

System,

Inc.

16,217

1,531,047

Saia,

Inc.*(a)

8,382

2,286,442

Werner

Enterprises,

Inc.

18,924

888,860

XPO,

Inc.*

36,438

1,452,419

12,724,691

Semiconductors

&

Semiconductor

Equipment

2.8%

Allegro

MicroSystems,

Inc.*(a)

20,615

786,875

Amkor

Technology,

Inc.

31,773

929,678

Cirrus

Logic,

Inc.*

17,519

1,583,542

Lattice

Semiconductor

Corp.*

43,334

3,284,284

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

16,120

1,080,362

MKS

Instruments,

Inc.

18,064

1,848,309

Power

Integrations,

Inc.

18,203

1,567,096

Silicon

Laboratories,

Inc.*(a)

10,765

1,689,136

SiTime

Corp.*

5,171

595,854

Synaptics,

Inc.*

12,609

1,576,503

Universal

Display

Corp.

13,673

1,812,083

Wolfspeed,

Inc.*(a)

39,368

3,031,730

19,785,452

Software

3.1%

ACI

Worldwide,

Inc.*

35,895

1,002,547

Aspen

Technology,

Inc.*

9,209

1,830,289

Blackbaud,

Inc.*

14,062

874,797

CommVault

Systems,

Inc.*

14,063

875,140

Dynatrace,

Inc.*

63,938

2,457,137

Common

Stocks

Shares

Value

($)

Software

Envestnet,

Inc.*(a)

14,781

960,765

Fair

Isaac

Corp.*

7,916

5,271,666

Manhattan

Associates,

Inc.*

19,808

2,582,171

NCR

Corp.*(a)

44,173

1,211,224

Paylocity

Holding

Corp.*

13,057

2,719,642

Qualys,

Inc.*

10,985

1,267,230

Teradata

Corp.*

32,644

1,138,623

22,191,231

Specialty

Retail

2.9%

AutoNation,

Inc.*(a)

10,841

1,373,772

Dick's

Sporting

Goods,

Inc.

17,623

2,304,383

Five

Below,

Inc.*(a)

17,530

3,455,689

Foot

Locker,

Inc.(a)

25,397

1,105,023

GameStop

Corp.,

Class

A*(a)

79,847

1,746,254

Gap,

Inc.

(The)

67,789

919,897

Lithia

Motors,

Inc.,

Class

A(a)

8,728

2,297,210

Murphy

USA,

Inc.(a)

6,588

1,792,134

RH*

6,091

1,900,331

Victoria's

Secret

&

Co.*

26,373

1,111,622

Williams-Sonoma,

Inc.(a)

21,143

2,853,036

20,859,351

Technology

Hardware,

Storage

&

Peripherals

0.2%

Super

Micro

Computer,

Inc.*

14,689

1,062,455

Xerox

Holdings

Corp.

34,934

572,219

1,634,674

Textiles,

Apparel

&

Luxury

Goods

2.4%

Capri

Holdings

Ltd.*

40,820

2,714,122

Carter's,

Inc.(a)

12,358

1,030,287

Columbia

Sportswear

Co.(a)

11,066

1,061,229

Crocs,

Inc.*

19,543

2,379,751

Deckers

Outdoor

Corp.*

8,382

3,583,137

Hanesbrands,

Inc.(a)

111,957

944,917

PVH

Corp.

20,671

1,858,323

Skechers

USA,

Inc.,

Class

A*

42,599

2,051,142

Under

Armour,

Inc.,

Class

A*

60,304

747,167

Under

Armour,

Inc.,

Class

C*

62,190

677,871

17,047,946

Thrifts

&

Mortgage

Finance

0.7%

Essent

Group

Ltd.

34,247

1,507,895

MGIC

Investment

Corp.

95,162

1,343,688

New

York

Community

Bancorp,

Inc.

216,512

2,162,955

5,014,538

Trading

Companies

&

Distributors

1.0%

GATX

Corp.

11,200

1,281,840

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

14,943

1,235,786

Univar

Solutions,

Inc.*

52,548

1,811,855

Watsco,

Inc.(a)

10,491

3,014,799

7,344,280

Water

Utilities

0.5%

Essential

Utilities,

Inc.

75,758

3,540,171

Total

Common

Stocks

(cost

$493,986,164)

710,616,632

58

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Repurchase

Agreement

0.5%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$3,526,945,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$3,597,483.(b)

3,526,525

3,526,525

Total

Repurchase

Agreement

(cost

$3,526,525)

3,526,525

Total

Investments

(cost

$497,512,689)

—

100.3%

714,143,157

Liabilities

in

excess

of

other

assets

—

(0.3)%

(2,235,411)

NET

ASSETS

—

100.0%

$

711,907,746

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$105,574,340,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,526,525

and

by

$102,571,810

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$106,098,335.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$3,526,525.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

25

3/2023

USD

6,657,250

476,029

Net

contracts

476,029

As

of

January

31,

2023,

the

Fund

had

$409,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

60

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

710,616,632

$

–

$

–

$

710,616,632

Futures

Contracts

476,029

–

–

476,029

Repurchase

Agreement

–

3,526,525

–

3,526,525

Total

$

711,092,661

$

3,526,525

$

–

$

714,619,186

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

476,029

Total

$

476,029

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

S&P

500

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

99.4%

Shares

Value

($)

Aerospace

&

Defense

1.8%

Boeing

Co.

(The)*

19,021

4,051,473

General

Dynamics

Corp.

7,696

1,793,630

Howmet

Aerospace,

Inc.

12,965

527,546

Huntington

Ingalls

Industries,

Inc.

1,361

300,155

L3Harris

Technologies,

Inc.

6,447

1,384,945

Lockheed

Martin

Corp.

7,923

3,670,409

Northrop

Grumman

Corp.

4,913

2,201,220

Raytheon

Technologies

Corp.

50,098

5,002,285

Textron,

Inc.

6,978

508,347

TransDigm

Group,

Inc.

1,761

1,263,958

20,703,968

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

4,135

414,203

Expeditors

International

of

Washington,

Inc.

5,567

602,071

FedEx

Corp.

8,022

1,555,145

United

Parcel

Service,

Inc.,

Class

B

24,832

4,599,631

7,171,050

Airlines

0.2%

Alaska

Air

Group,

Inc.*

4,421

226,974

American

Airlines

Group,

Inc.*(a)

21,153

341,410

Delta

Air

Lines,

Inc.*

21,762

850,894

Southwest

Airlines

Co.

19,773

707,280

United

Airlines

Holdings,

Inc.*

10,890

533,174

2,659,732

Auto

Components

0.1%

Aptiv

plc*

9,149

1,034,660

BorgWarner,

Inc.

7,778

367,744

1,402,404

Automobiles

1.7%

Ford

Motor

Co.

132,942

1,796,047

General

Motors

Co.

48,260

1,897,583

Tesla,

Inc.*

91,177

15,793,680

19,487,310

Banks

3.9%

Bank

of

America

Corp.

235,313

8,348,905

Citigroup,

Inc.

65,349

3,412,525

Citizens

Financial

Group,

Inc.

16,501

714,823

Comerica,

Inc.

4,568

334,880

Fifth

Third

Bancorp

23,628

857,460

First

Republic

Bank

6,365

896,701

Huntington

Bancshares,

Inc.

48,648

737,990

JPMorgan

Chase

&

Co.

99,503

13,926,440

KeyCorp

32,166

617,266

M&T

Bank

Corp.

5,845

911,820

PNC

Financial

Services

Group,

Inc.

(The)

13,689

2,264,571

Regions

Financial

Corp.

32,047

754,386

Signature

Bank

2,168

279,564

SVB

Financial

Group*(a)

1,974

597,017

Truist

Financial

Corp.

45,034

2,224,229

US

Bancorp

46,147

2,298,121

Wells

Fargo

&

Co.

128,699

6,032,122

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

4,886

259,740

45,468,560

Beverages

1.8%

Brown-Forman

Corp.,

Class

B

6,145

409,134

Coca-Cola

Co.

(The)

132,062

8,098,042

Constellation

Brands,

Inc.,

Class

A

5,488

1,270,582

Keurig

Dr

Pepper,

Inc.

28,600

1,009,008

Molson

Coors

Beverage

Co.,

Class

B

6,173

324,576

Monster

Beverage

Corp.*

13,009

1,353,977

PepsiCo,

Inc.

46,827

8,008,353

20,473,672

Biotechnology

2.3%

AbbVie,

Inc.

59,992

8,863,818

Amgen,

Inc.

18,150

4,581,060

Biogen,

Inc.*

4,939

1,436,755

Gilead

Sciences,

Inc.

42,557

3,572,235

Incyte

Corp.*

6,374

542,682

Moderna,

Inc.*

11,223

1,975,922

Regeneron

Pharmaceuticals,

Inc.*

3,641

2,761,589

Vertex

Pharmaceuticals,

Inc.*

8,739

2,823,571

26,557,632

Building

Products

0.5%

A

O

Smith

Corp.

4,623

312,977

Allegion

plc

2,995

352,062

Carrier

Global

Corp.

28,395

1,292,824

Johnson

Controls

International

plc

23,649

1,645,261

Masco

Corp.

7,552

401,767

Trane

Technologies

plc

7,912

1,417,198

5,422,089

Capital

Markets

3.2%

Ameriprise

Financial,

Inc.

3,648

1,277,238

Bank

of

New

York

Mellon

Corp.

(The)

24,819

1,255,097

BlackRock,

Inc.

5,075

3,852,991

Cboe

Global

Markets,

Inc.

3,506

430,817

Charles

Schwab

Corp.

(The)

51,866

4,015,466

CME

Group,

Inc.

12,196

2,154,545

FactSet

Research

Systems,

Inc.

1,270

537,134

Franklin

Resources,

Inc.(a)

10,279

320,705

Goldman

Sachs

Group,

Inc.

(The)

11,582

4,236,812

Intercontinental

Exchange,

Inc.

19,168

2,061,518

Invesco

Ltd.

15,312

283,425

MarketAxess

Holdings,

Inc.

1,251

455,176

Moody's

Corp.

5,400

1,742,850

Morgan

Stanley

44,781

4,358,535

MSCI,

Inc.

2,747

1,460,195

Nasdaq,

Inc.

11,790

709,640

Northern

Trust

Corp.

6,920

671,032

Raymond

James

Financial,

Inc.

6,542

737,741

S&P

Global,

Inc.

11,312

4,241,321

State

Street

Corp.

12,333

1,126,373

62

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.(a)

7,527

876,670

36,805,281

Chemicals

1.9%

Air

Products

&

Chemicals,

Inc.

7,573

2,427,222

Albemarle

Corp.

3,940

1,108,913

Celanese

Corp.

3,286

404,835

CF

Industries

Holdings,

Inc.

6,651

563,340

Corteva,

Inc.

24,164

1,557,370

Dow,

Inc.

24,213

1,437,042

DuPont

de

Nemours,

Inc.

17,124

1,266,320

Eastman

Chemical

Co.

4,227

372,695

Ecolab,

Inc.

8,425

1,304,443

FMC

Corp.

4,350

579,115

International

Flavors

&

Fragrances,

Inc.

8,790

988,523

Linde

plc

16,805

5,561,447

LyondellBasell

Industries

NV,

Class

A

8,537

825,442

Mosaic

Co.

(The)

11,988

593,885

PPG

Industries,

Inc.

8,037

1,047,543

Sherwin-Williams

Co.

(The)

8,022

1,897,925

21,936,060

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

2,945

1,306,814

Copart,

Inc.*

14,224

947,461

Republic

Services,

Inc.

6,875

858,137

Rollins,

Inc.

7,593

276,385

Waste

Management,

Inc.

12,657

1,958,418

5,347,215

Communications

Equipment

0.9%

Arista

Networks,

Inc.*

8,296

1,045,462

Cisco

Systems,

Inc.

139,477

6,788,345

F5,

Inc.*

2,045

301,965

Juniper

Networks,

Inc.

11,279

364,312

Motorola

Solutions,

Inc.

5,700

1,464,957

9,965,041

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

4,773

726,403

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,157

775,744

Vulcan

Materials

Co.

4,586

840,751

1,616,495

Consumer

Finance

0.6%

American

Express

Co.

20,414

3,571,021

Capital

One

Financial

Corp.

13,223

1,573,537

Discover

Financial

Services

9,379

1,094,810

Synchrony

Financial

15,264

560,647

6,800,015

Containers

&

Packaging

0.3%

Amcor

plc

51,879

625,661

Avery

Dennison

Corp.

2,823

534,789

Ball

Corp.(a)

10,875

633,360

International

Paper

Co.

12,041

503,555

Packaging

Corp.

of

America

3,080

439,516

Sealed

Air

Corp.

4,677

256,112

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

8,296

325,535

3,318,528

Distributors

0.2%

Genuine

Parts

Co.

4,691

787,244

LKQ

Corp.

8,485

500,275

Pool

Corp.

1,364

525,972

1,813,491

Diversified

Financial

Services

1.6%

Berkshire

Hathaway,

Inc.,

Class

B*

61,238

19,076,862

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

241,787

4,925,201

Lumen

Technologies,

Inc.(a)

31,671

166,273

Verizon

Communications,

Inc.

142,497

5,923,600

11,015,074

Electric

Utilities

1.9%

Alliant

Energy

Corp.

8,371

452,285

American

Electric

Power

Co.,

Inc.

17,277

1,623,347

Constellation

Energy

Corp.

11,239

959,361

Duke

Energy

Corp.

25,918

2,655,299

Edison

International

12,839

884,607

Entergy

Corp.

6,862

743,017

Evergy,

Inc.

7,572

474,386

Eversource

Energy

11,908

980,386

Exelon

Corp.

33,384

1,408,471

FirstEnergy

Corp.

19,128

783,292

NextEra

Energy,

Inc.

67,502

5,037,674

NRG

Energy,

Inc.

8,395

287,277

PG&E

Corp.*(a)

54,181

861,478

Pinnacle

West

Capital

Corp.

3,789

282,470

PPL

Corp.

25,495

754,652

Southern

Co.

(The)

36,981

2,502,874

Xcel

Energy,

Inc.

18,535

1,274,652

21,965,528

Electrical

Equipment

0.6%

AMETEK,

Inc.

7,832

1,135,013

Eaton

Corp.

plc

13,413

2,175,723

Emerson

Electric

Co.

20,291

1,830,654

Generac

Holdings,

Inc.*

2,069

249,521

Rockwell

Automation,

Inc.

3,919

1,105,276

6,496,187

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

20,129

1,605,690

CDW

Corp.

4,513

884,683

Corning,

Inc.

25,806

893,146

Keysight

Technologies,

Inc.*

6,164

1,105,513

TE

Connectivity

Ltd.

10,837

1,377,925

Teledyne

Technologies,

Inc.*

1,577

669,058

Trimble,

Inc.*

8,611

499,955

Zebra

Technologies

Corp.,

Class

A*

1,767

558,690

7,594,660

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.(a)

34,057

1,080,969

Halliburton

Co.

30,324

1,249,956

Nationwide

S&P

500

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

Ltd.

47,991

2,734,527

5,065,452

Entertainment

1.5%

Activision

Blizzard,

Inc.

24,402

1,868,461

Electronic

Arts,

Inc.

8,891

1,144,094

Live

Nation

Entertainment,

Inc.*(a)

4,694

377,820

Netflix,

Inc.*

15,089

5,339,393

Take-Two

Interactive

Software,

Inc.*

5,194

588,117

Walt

Disney

Co.

(The)*

61,857

6,710,866

Warner

Bros

Discovery,

Inc.*

74,340

1,101,719

17,130,470

Equity

Real

Estate

Investment

Trusts

(REITs)

2.7%

Alexandria

Real

Estate

Equities,

Inc.

5,112

821,703

American

Tower

Corp.

15,836

3,537,604

AvalonBay

Communities,

Inc.

4,761

844,792

Boston

Properties,

Inc.

4,960

369,718

Camden

Property

Trust

3,680

453,413

Crown

Castle,

Inc.

14,643

2,168,775

Digital

Realty

Trust,

Inc.

9,883

1,132,789

Equinix,

Inc.

3,071

2,266,797

Equity

Residential

11,567

736,240

Essex

Property

Trust,

Inc.

2,207

498,937

Extra

Space

Storage,

Inc.

4,493

709,130

Federal

Realty

Investment

Trust

2,311

257,746

Healthpeak

Properties,

Inc.

18,549

509,727

Host

Hotels

&

Resorts,

Inc.

24,873

468,856

Invitation

Homes,

Inc.

19,518

634,335

Iron

Mountain,

Inc.

10,033

547,601

Kimco

Realty

Corp.

20,546

461,463

Mid-America

Apartment

Communities,

Inc.

3,913

652,375

Prologis,

Inc.

31,326

4,049,825

Public

Storage

5,318

1,618,480

Realty

Income

Corp.

20,788

1,410,050

Regency

Centers

Corp.

5,396

359,536

SBA

Communications

Corp.

3,704

1,102,051

Simon

Property

Group,

Inc.

11,142

1,431,301

UDR,

Inc.

10,678

454,776

Ventas,

Inc.

13,603

704,771

VICI

Properties,

Inc.

32,398

1,107,364

Welltower,

Inc.

15,717

1,179,404

Weyerhaeuser

Co.

24,636

848,217

31,337,776

Food

&

Staples

Retailing

1.5%

Costco

Wholesale

Corp.

15,030

7,682,434

Kroger

Co.

(The)

22,326

996,410

Sysco

Corp.

17,250

1,336,185

Walgreens

Boots

Alliance,

Inc.

24,516

903,660

Walmart,

Inc.

47,944

6,897,703

17,816,392

Food

Products

1.1%

Archer-Daniels-Midland

Co.

18,563

1,537,945

Campbell

Soup

Co.

6,894

358,006

Conagra

Brands,

Inc.

16,076

597,867

Common

Stocks

Shares

Value

($)

Food

Products

General

Mills,

Inc.

20,078

1,573,312

Hershey

Co.

(The)

4,974

1,117,160

Hormel

Foods

Corp.

9,810

444,491

J

M

Smucker

Co.

(The)

3,604

550,691

Kellogg

Co.

8,874

608,579

Kraft

Heinz

Co.

(The)

26,812

1,086,690

Lamb

Weston

Holdings,

Inc.

4,780

477,474

McCormick

&

Co.,

Inc.

(Non-Voting)

8,665

650,915

Mondelez

International,

Inc.,

Class

A

46,514

3,043,876

Tyson

Foods,

Inc.,

Class

A

9,859

648,229

12,695,235

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

4,695

551,850

Health

Care

Equipment

&

Supplies

2.8%

Abbott

Laboratories

59,419

6,568,771

Align

Technology,

Inc.*

2,432

655,983

Baxter

International,

Inc.

16,996

776,547

Becton

Dickinson

and

Co.

9,648

2,433,419

Boston

Scientific

Corp.*

48,575

2,246,594

Cooper

Cos.,

Inc.

(The)(a)

1,621

565,616

Dentsply

Sirona,

Inc.

7,284

268,270

Dexcom,

Inc.*

13,060

1,398,595

Edwards

Lifesciences

Corp.*

21,142

1,621,591

GE

HealthCare

Technologies,

Inc.*(a)

12,402

862,187

Hologic,

Inc.*

8,483

690,262

IDEXX

Laboratories,

Inc.*

2,877

1,382,399

Intuitive

Surgical,

Inc.*

12,051

2,960,810

Medtronic

plc

44,964

3,763,037

ResMed,

Inc.

4,914

1,122,210

STERIS

plc

3,395

701,101

Stryker

Corp.

11,480

2,913,739

Teleflex,

Inc.(a)

1,667

405,781

Zimmer

Biomet

Holdings,

Inc.

7,027

894,818

32,231,730

Health

Care

Providers

&

Services

3.3%

AmerisourceBergen

Corp.

5,328

900,219

Cardinal

Health,

Inc.

9,099

702,898

Centene

Corp.*

19,103

1,456,413

Cigna

Corp.

10,380

3,287,035

CVS

Health

Corp.

44,545

3,929,760

DaVita,

Inc.*

1,981

163,215

Elevance

Health,

Inc.

8,149

4,074,419

HCA

Healthcare,

Inc.

7,246

1,848,237

Henry

Schein,

Inc.*

4,550

391,982

Humana,

Inc.

4,300

2,200,310

Laboratory

Corp.

of

America

Holdings

3,079

776,277

McKesson

Corp.

4,840

1,832,811

Molina

Healthcare,

Inc.*

1,951

608,380

Quest

Diagnostics,

Inc.

3,860

573,133

UnitedHealth

Group,

Inc.

31,738

15,843,292

Universal

Health

Services,

Inc.,

Class

B

2,196

325,469

38,913,850

64

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

2.1%

Booking

Holdings,

Inc.*

1,318

3,208,144

Caesars

Entertainment,

Inc.*

7,015

365,201

Carnival

Corp.*(a)

33,226

359,505

Chipotle

Mexican

Grill,

Inc.*

937

1,542,658

Darden

Restaurants,

Inc.

4,172

617,331

Domino's

Pizza,

Inc.

1,240

437,720

Expedia

Group,

Inc.*

5,040

576,072

Hilton

Worldwide

Holdings,

Inc.

9,378

1,360,654

Las

Vegas

Sands

Corp.*

11,605

684,695

Marriott

International,

Inc.,

Class

A

9,249

1,610,991

McDonald's

Corp.

24,963

6,675,106

MGM

Resorts

International

10,827

448,346

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

13,986

212,727

Royal

Caribbean

Cruises

Ltd.*(a)

7,614

494,453

Starbucks

Corp.

38,978

4,254,059

Wynn

Resorts

Ltd.*

3,462

358,802

Yum!

Brands,

Inc.

9,532

1,244,021

24,450,485

Household

Durables

0.4%

DR

Horton,

Inc.

10,933

1,078,978

Garmin

Ltd.

5,174

511,605

Lennar

Corp.,

Class

A(a)

8,746

895,590

Mohawk

Industries,

Inc.*

1,634

196,178

Newell

Brands,

Inc.

12,582

200,809

NVR,

Inc.*

103

542,810

PulteGroup,

Inc.

7,941

451,763

Whirlpool

Corp.(a)

1,813

282,085

4,159,818

Household

Products

1.4%

Church

&

Dwight

Co.,

Inc.

8,420

680,841

Clorox

Co.

(The)

4,072

589,178

Colgate-Palmolive

Co.

28,151

2,098,094

Kimberly-Clark

Corp.

11,503

1,495,505

Procter

&

Gamble

Co.

(The)

80,497

11,461,163

16,324,781

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)(a)

22,538

617,767

Industrial

Conglomerates

0.8%

3M

Co.

18,728

2,155,218

General

Electric

Co.

37,206

2,994,339

Honeywell

International,

Inc.

22,859

4,765,644

9,915,201

Insurance

2.4%

Aflac,

Inc.

19,086

1,402,821

Allstate

Corp.

(The)

9,092

1,168,049

American

International

Group,

Inc.

25,054

1,583,914

Aon

plc,

Class

A

7,027

2,239,364

Arch

Capital

Group

Ltd.*

12,532

806,434

Arthur

J

Gallagher

&

Co.

7,189

1,407,031

Assurant,

Inc.

1,812

240,253

Brown

&

Brown,

Inc.

7,865

460,574

Chubb

Ltd.

14,087

3,204,652

Common

Stocks

Shares

Value

($)

Insurance

Cincinnati

Financial

Corp.

5,376

608,294

Everest

Re

Group

Ltd.

1,377

481,523

Globe

Life,

Inc.

3,129

378,140

Hartford

Financial

Services

Group,

Inc.

(The)

10,700

830,427

Lincoln

National

Corp.

5,444

192,881

Loews

Corp.

6,803

418,248

Marsh

&

McLennan

Cos.,

Inc.

16,948

2,964,375

MetLife,

Inc.

22,388

1,634,772

Principal

Financial

Group,

Inc.

7,806

722,445

Progressive

Corp.

(The)

19,846

2,706,002

Prudential

Financial,

Inc.

12,691

1,331,794

Travelers

Cos.,

Inc.

(The)

7,904

1,510,613

W

R

Berkley

Corp.

7,140

500,800

Willis

Towers

Watson

plc

3,751

953,467

27,746,873

Interactive

Media

&

Services

4.3%

Alphabet,

Inc.,

Class

A*

202,898

20,054,438

Alphabet,

Inc.,

Class

C*

179,861

17,962,718

Match

Group,

Inc.*

9,738

527,021

Meta

Platforms,

Inc.,

Class

A*

76,386

11,379,222

49,923,399

Internet

&

Direct

Marketing

Retail

2.8%

Amazon.com,

Inc.*

301,492

31,092,870

eBay,

Inc.

18,835

932,333

Etsy,

Inc.*

4,219

580,450

32,605,653

IT

Services

4.4%

Accenture

plc,

Class

A

21,462

5,988,971

Akamai

Technologies,

Inc.*

5,257

467,610

Automatic

Data

Processing,

Inc.

14,099

3,183,695

Broadridge

Financial

Solutions,

Inc.

4,018

604,146

Cognizant

Technology

Solutions

Corp.,

Class

A

17,407

1,161,917

DXC

Technology

Co.*

7,473

214,699

EPAM

Systems,

Inc.*

1,904

633,366

Fidelity

National

Information

Services,

Inc.

20,157

1,512,581

Fiserv,

Inc.*

21,515

2,295,220

FleetCor

Technologies,

Inc.*

2,602

543,324

Gartner,

Inc.*

2,634

890,661

Global

Payments,

Inc.

9,429

1,062,837

International

Business

Machines

Corp.

30,662

4,131,091

Jack

Henry

&

Associates,

Inc.

2,500

450,225

Mastercard,

Inc.,

Class

A

28,836

10,686,622

Paychex,

Inc.

10,968

1,270,752

PayPal

Holdings,

Inc.*

38,726

3,155,782

VeriSign,

Inc.*

3,092

674,211

Visa,

Inc.,

Class

A(a)

55,476

12,771,130

51,698,840

Leisure

Products

0.0%

†

Hasbro,

Inc.

4,173

246,916

Life

Sciences

Tools

&

Services

1.9%

Agilent

Technologies,

Inc.

10,168

1,546,350

Nationwide

S&P

500

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A*

698

326,287

Bio-Techne

Corp.

5,276

420,286

Charles

River

Laboratories

International,

Inc.*

1,775

431,769

Danaher

Corp.

22,214

5,872,937

Illumina,

Inc.*

5,324

1,140,401

IQVIA

Holdings,

Inc.*

6,359

1,458,818

Mettler-Toledo

International,

Inc.*

765

1,172,684

PerkinElmer,

Inc.

4,257

585,465

Thermo

Fisher

Scientific,

Inc.

13,293

7,581,397

Waters

Corp.*

2,038

669,646

West

Pharmaceutical

Services,

Inc.

2,489

661,078

21,867,118

Machinery

1.8%

Caterpillar,

Inc.

17,678

4,459,983

Cummins,

Inc.

4,791

1,195,546

Deere

&

Co.

9,330

3,945,097

Dover

Corp.

4,861

738,046

Fortive

Corp.

12,060

820,442

IDEX

Corp.

2,586

619,812

Illinois

Tool

Works,

Inc.

9,574

2,259,847

Ingersoll

Rand,

Inc.

13,634

763,504

Nordson

Corp.

1,837

446,942

Otis

Worldwide

Corp.

14,388

1,183,125

PACCAR,

Inc.

11,674

1,276,085

Parker-Hannifin

Corp.

4,339

1,414,514

Pentair

plc

5,688

315,001

Snap-on,

Inc.

1,742

433,288

Stanley

Black

&

Decker,

Inc.

5,079

453,605

Westinghouse

Air

Brake

Technologies

Corp.

6,090

632,203

Xylem,

Inc.

6,163

641,014

21,598,054

Media

0.8%

Charter

Communications,

Inc.,

Class

A*

3,643

1,400,041

Comcast

Corp.,

Class

A

146,542

5,766,428

DISH

Network

Corp.,

Class

A*(a)

8,381

120,602

Fox

Corp.,

Class

A

10,018

340,011

Fox

Corp.,

Class

B

5,046

159,958

Interpublic

Group

of

Cos.,

Inc.

(The)

13,641

497,351

News

Corp.,

Class

A

13,611

275,759

News

Corp.,

Class

B

4,930

100,769

Omnicom

Group,

Inc.

6,899

593,245

Paramount

Global,

Class

B

16,998

393,674

9,647,838

Metals

&

Mining

0.5%

Freeport-McMoRan,

Inc.

48,217

2,151,443

Newmont

Corp.

26,652

1,410,690

Nucor

Corp.

8,845

1,494,982

Steel

Dynamics,

Inc.

5,666

683,546

5,740,661

Common

Stocks

Shares

Value

($)

Multiline

Retail

0.5%

Dollar

General

Corp.

7,694

1,797,318

Dollar

Tree,

Inc.*(a)

7,151

1,073,937

Target

Corp.

15,768

2,714,304

5,585,559

Multi-Utilities

0.8%

Ameren

Corp.

8,683

754,292

CenterPoint

Energy,

Inc.

21,376

643,845

CMS

Energy

Corp.(a)

9,924

627,098

Consolidated

Edison,

Inc.

11,891

1,133,331

Dominion

Energy,

Inc.

28,506

1,814,122

DTE

Energy

Co.

6,520

758,732

NiSource,

Inc.

13,375

371,156

Public

Service

Enterprise

Group,

Inc.

17,033

1,054,854

Sempra

Energy

10,792

1,730,281

WEC

Energy

Group,

Inc.

10,557

992,253

9,879,964

Oil,

Gas

&

Consumable

Fuels

4.6%

APA

Corp.

10,631

471,272

Chevron

Corp.

60,430

10,516,029

ConocoPhillips

42,328

5,158,513

Coterra

Energy,

Inc.(a)

27,531

689,101

Devon

Energy

Corp.

22,041

1,393,873

Diamondback

Energy,

Inc.

5,983

874,236

EOG

Resources,

Inc.

19,966

2,640,504

EQT

Corp.

12,444

406,545

Exxon

Mobil

Corp.

139,895

16,229,219

Hess

Corp.

9,462

1,420,814

Kinder

Morgan,

Inc.(a)

66,738

1,221,305

Marathon

Oil

Corp.

21,573

592,610

Marathon

Petroleum

Corp.

15,920

2,046,038

Occidental

Petroleum

Corp.(a)

24,550

1,590,595

ONEOK,

Inc.

15,326

1,049,524

Phillips

66

16,185

1,622,870

Pioneer

Natural

Resources

Co.

8,163

1,880,347

Targa

Resources

Corp.

7,625

572,028

Valero

Energy

Corp.

13,262

1,857,078

Williams

Cos.,

Inc.

(The)

41,708

1,344,666

53,577,167

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,803

2,162,055

Pharmaceuticals

4.3%

Bristol-Myers

Squibb

Co.

72,450

5,263,492

Catalent,

Inc.*

6,061

324,567

Eli

Lilly

&

Co.

26,759

9,209,110

Johnson

&

Johnson

88,812

14,513,657

Merck

&

Co.,

Inc.

85,955

9,232,427

Organon

&

Co.

8,781

264,571

Pfizer,

Inc.

190,428

8,409,300

Viatris,

Inc.

41,454

504,081

Zoetis,

Inc.

15,884

2,628,643

50,349,848

Professional

Services

0.4%

CoStar

Group,

Inc.*

13,328

1,038,251

Equifax,

Inc.

4,175

927,685

Jacobs

Solutions,

Inc.

4,374

540,408

66

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Leidos

Holdings,

Inc.

4,524

447,152

Robert

Half

International,

Inc.

3,564

299,234

Verisk

Analytics,

Inc.

5,261

956,397

4,209,127

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

10,846

927,442

Road

&

Rail

0.9%

CSX

Corp.

71,417

2,208,214

JB

Hunt

Transport

Services,

Inc.

2,786

526,693

Norfolk

Southern

Corp.

7,926

1,948,290

Old

Dominion

Freight

Line,

Inc.

3,056

1,018,381

Union

Pacific

Corp.

20,884

4,264,304

9,965,882

Semiconductors

&

Semiconductor

Equipment

5.5%

Advanced

Micro

Devices,

Inc.*

54,774

4,116,266

Analog

Devices,

Inc.

17,637

3,024,216

Applied

Materials,

Inc.

29,456

3,284,049

Broadcom,

Inc.

13,705

8,017,562

Enphase

Energy,

Inc.*

4,613

1,021,226

First

Solar,

Inc.*

3,368

598,157

Intel

Corp.

139,404

3,939,557

KLA

Corp.

4,773

1,873,307

Lam

Research

Corp.

4,614

2,307,461

Microchip

Technology,

Inc.

18,852

1,463,292

Micron

Technology,

Inc.

37,341

2,251,662

Monolithic

Power

Systems,

Inc.

1,464

624,484

NVIDIA

Corp.

84,583

16,524,981

NXP

Semiconductors

NV

8,952

1,649,943

ON

Semiconductor

Corp.*

14,618

1,073,692

Qorvo,

Inc.*

3,451

374,986

QUALCOMM,

Inc.

38,104

5,075,834

Skyworks

Solutions,

Inc.

5,580

611,959

SolarEdge

Technologies,

Inc.*

1,893

604,113

Teradyne,

Inc.

5,197

528,535

Texas

Instruments,

Inc.

30,808

5,459,486

64,424,768

Software

8.3%

Adobe,

Inc.*

15,784

5,845,447

ANSYS,

Inc.*

2,923

778,570

Autodesk,

Inc.*

7,372

1,586,159

Cadence

Design

Systems,

Inc.*

9,204

1,682,767

Ceridian

HCM

Holding,

Inc.*(a)

5,152

372,387

Fortinet,

Inc.*

22,245

1,164,303

Gen

Digital,

Inc.

19,462

447,821

Intuit,

Inc.

9,571

4,045,375

Microsoft

Corp.

253,048

62,707,825

Oracle

Corp.

51,601

4,564,624

Paycom

Software,

Inc.*

1,618

524,135

PTC,

Inc.*

3,660

493,661

Roper

Technologies,

Inc.

3,597

1,535,020

Salesforce,

Inc.*

33,761

5,670,835

ServiceNow,

Inc.*

6,891

3,136,301

Synopsys,

Inc.*

5,198

1,838,792

Tyler

Technologies,

Inc.*

1,415

456,720

96,850,742

Common

Stocks

Shares

Value

($)

Specialty

Retail

2.3%

Advance

Auto

Parts,

Inc.

2,093

318,722

AutoZone,

Inc.*

645

1,573,058

Bath

&

Body

Works,

Inc.

8,139

374,476

Best

Buy

Co.,

Inc.

6,767

600,368

CarMax,

Inc.*(a)

5,354

377,189

Home

Depot,

Inc.

(The)

34,769

11,271,067

Lowe's

Cos.,

Inc.

21,085

4,390,951

O'Reilly

Automotive,

Inc.*

2,126

1,684,536

Ross

Stores,

Inc.(b)(c)

11,805

1,395,233

TJX

Cos.,

Inc.

(The)

39,754

3,254,263

Tractor

Supply

Co.

3,712

846,299

Ulta

Beauty,

Inc.*

1,750

899,430

26,985,592

Technology

Hardware,

Storage

&

Peripherals

6.5%

Apple,

Inc.

507,964

73,294,125

Hewlett

Packard

Enterprise

Co.

44,790

722,463

HP,

Inc.

30,633

892,646

NetApp,

Inc.

7,395

489,771

Seagate

Technology

Holdings

plc

6,487

439,689

Western

Digital

Corp.*

10,634

467,364

76,306,058

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.,

Class

B

42,876

5,459,401

Ralph

Lauren

Corp.

1,456

180,326

Tapestry,

Inc.

8,802

401,107

VF

Corp.(a)

11,221

347,178

6,388,012

Tobacco

0.7%

Altria

Group,

Inc.

61,348

2,763,114

Philip

Morris

International,

Inc.

52,597

5,482,711

8,245,825

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

19,312

976,222

United

Rentals,

Inc.*(a)

2,405

1,060,485

WW

Grainger,

Inc.

1,530

901,904

2,938,611

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

6,096

953,963

Wireless

Telecommunication

Services

0.3%

T-Mobile

US,

Inc.*

20,254

3,024,125

Total

Common

Stocks

(cost

$672,463,895)

1,158,884,156

Nationwide

S&P

500

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$239,141,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$243,923.(d)

239,112

239,112

Total

Repurchase

Agreement

(cost

$239,112)

239,112

Total

Investments

(cost

$672,703,007)

—

99.4%

1,159,123,268

Other

assets

in

excess

of

liabilities

—

0.6%

6,568,052

NET

ASSETS

—

100.0%

$

1,165,691,320

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$28,132,709,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$239,112

and

by

$28,146,629

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/23/2023

–

5/15/2052,

a

total

value

of

$28,385,741.

(b)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$239,112.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

45

3/2023

USD

9,202,500

311,841

Net

contracts

311,841

As

of

January

31,

2023,

the

Fund

had

$482,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

68

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

S&P

500

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

69

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,158,884,156

$

–

$

–

$

1,158,884,156

Futures

Contracts

311,841

–

–

311,841

Repurchase

Agreement

–

239,112

–

239,112

Total

$

1,159,195,997

$

239,112

$

–

$

1,159,435,109

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

311,841

Total

$

311,841

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

70

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

99.7%

Shares

Value

($)

Aerospace

&

Defense

1.0%

AAR

Corp.*

3,201

164,659

Aerojet

Rocketdyne

Holdings,

Inc.*

7,302

408,328

AeroVironment,

Inc.*

2,270

201,962

AerSale

Corp.*

1,882

35,024

Archer

Aviation,

Inc.,

Class

A*(a)

12,953

37,564

Astra

Space,

Inc.*(a)

12,921

8,215

Astronics

Corp.*

2,468

36,650

Cadre

Holdings,

Inc.(a)

1,859

42,552

Ducommun,

Inc.*

1,100

63,558

Kaman

Corp.

2,635

66,455

Kratos

Defense

&

Security

Solutions,

Inc.*

11,733

134,343

Maxar

Technologies,

Inc.

6,793

350,994

Momentus,

Inc.*(a)

4,555

4,122

Moog,

Inc.,

Class

A

2,644

252,026

National

Presto

Industries,

Inc.

485

37,156

Park

Aerospace

Corp.(a)

1,525

21,213

Parsons

Corp.*

3,158

137,436

Redwire

Corp.*

3,409

8,727

Rocket

Lab

USA,

Inc.*

19,887

98,838

Terran

Orbital

Corp.*

2,004

3,888

Triumph

Group,

Inc.*

6,010

68,454

V2X,

Inc.*

1,092

48,223

Virgin

Galactic

Holdings,

Inc.*(a)

22,208

122,588

2,352,975

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group,

Inc.*

5,280

149,477

Atlas

Air

Worldwide

Holdings,

Inc.*(a)

2,615

267,279

Forward

Air

Corp.(a)

2,464

265,742

Hub

Group,

Inc.,

Class

A*

2,962

252,570

Radiant

Logistics,

Inc.*

3,719

20,864

955,932

Airlines

0.3%

Allegiant

Travel

Co.*

1,464

125,948

Blade

Air

Mobility,

Inc.*

5,011

22,349

Frontier

Group

Holdings,

Inc.*

3,702

46,571

Hawaiian

Holdings,

Inc.*

4,651

57,300

Joby

Aviation,

Inc.*(a)

22,983

101,585

SkyWest,

Inc.*

4,764

98,901

Spirit

Airlines,

Inc.

9,962

197,646

Sun

Country

Airlines

Holdings,

Inc.*

3,046

56,869

Wheels

Up

Experience,

Inc.*(a)

13,273

16,326

723,495

Auto

Components

1.4%

Adient

plc*

8,741

393,520

American

Axle

&

Manufacturing

Holdings,

Inc.*

10,525

93,357

Dana,

Inc.

11,814

214,306

Dorman

Products,

Inc.*

2,463

239,059

Fox

Factory

Holding

Corp.*

3,924

463,385

Common

Stocks

Shares

Value

($)

Auto

Components

Gentherm,

Inc.*

3,100

230,733

Goodyear

Tire

&

Rubber

Co.

(The)*

26,230

295,087

Holley,

Inc.*

4,418

14,624

LCI

Industries(a)

2,298

257,881

Luminar

Technologies,

Inc.*(a)

22,796

152,049

Modine

Manufacturing

Co.*

4,740

113,239

Motorcar

Parts

of

America,

Inc.*

1,795

26,135

Patrick

Industries,

Inc.(a)

1,956

138,817

Solid

Power,

Inc.*

11,636

38,981

Standard

Motor

Products,

Inc.

1,863

75,377

Stoneridge,

Inc.*

2,472

60,959

Visteon

Corp.*(a)

2,559

400,074

XPEL,

Inc.

Reg.

S*

2,011

152,977

3,360,560

Automobiles

0.2%

Canoo,

Inc.*(a)

17,708

21,250

Cenntro

Electric

Group

Ltd.*

15,933

12,152

Faraday

Future

Intelligent

Electric,

Inc.*(a)

21,175

17,999

Fisker,

Inc.*(a)

16,540

123,223

Lordstown

Motors

Corp.*(a)

14,680

19,231

Mullen

Automotive,

Inc.*(a)

28,978

9,965

Winnebago

Industries,

Inc.(a)

2,725

173,528

Workhorse

Group,

Inc.*(a)

14,864

32,849

410,197

Banks

9.1%

1st

Source

Corp.

1,572

77,327

ACNB

Corp.

721

28,371

Amalgamated

Financial

Corp.

1,443

33,117

Amerant

Bancorp,

Inc.

2,554

71,103

American

National

Bankshares,

Inc.

1,003

34,714

Ameris

Bancorp

6,157

290,364

Arrow

Financial

Corp.

1,453

47,818

Associated

Banc-Corp.

13,777

308,743

Atlantic

Union

Bankshares

Corp.(a)

6,992

270,521

Banc

of

California,

Inc.

5,088

88,633

BancFirst

Corp.(a)

1,864

160,546

Bancorp,

Inc.

(The)*

4,736

160,692

Bank

First

Corp.(a)

676

53,985

Bank

of

Marin

Bancorp

1,552

47,289

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

4,691

149,924

BankUnited,

Inc.

7,077

266,378

Bankwell

Financial

Group,

Inc.

468

13,839

Banner

Corp.

3,115

201,945

Bar

Harbor

Bankshares

1,512

46,978

BayCom

Corp.

1,262

25,379

BCB

Bancorp,

Inc.

1,417

25,492

Berkshire

Hills

Bancorp,

Inc.

3,916

121,592

Blue

Ridge

Bankshares,

Inc.

1,644

20,813

Brookline

Bancorp,

Inc.

8,139

106,454

Business

First

Bancshares,

Inc.

1,893

39,261

Byline

Bancorp,

Inc.

2,437

60,438

Cadence

Bank

15,354

392,755

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

71

Common

Stocks

Shares

Value

($)

Banks

Cambridge

Bancorp

670

53,600

Camden

National

Corp.

1,371

57,897

Capital

Bancorp,

Inc.

850

18,275

Capital

City

Bank

Group,

Inc.

1,182

38,380

Capstar

Financial

Holdings,

Inc.

1,971

34,315

Carter

Bankshares,

Inc.*

2,406

39,988

Cathay

General

Bancorp

6,652

292,422

Central

Pacific

Financial

Corp.

2,361

53,359

Citizens

&

Northern

Corp.

1,306

30,900

City

Holding

Co.(a)

1,362

129,104

Civista

Bancshares,

Inc.

1,468

31,856

CNB

Financial

Corp.

1,586

38,254

Coastal

Financial

Corp.*

973

44,437

Colony

Bankcorp,

Inc.

1,442

18,587

Columbia

Banking

System,

Inc.(a)

6,820

210,806

Community

Bank

System,

Inc.

(a)

4,921

283,991

Community

Trust

Bancorp,

Inc.

1,383

59,580

ConnectOne

Bancorp,

Inc.

3,584

85,192

CrossFirst

Bankshares,

Inc.*

4,460

60,210

Customers

Bancorp,

Inc.*

2,806

85,218

CVB

Financial

Corp.(a)

12,249

296,671

Dime

Community

Bancshares,

Inc.

2,911

86,806

Eagle

Bancorp,

Inc.

2,898

137,626

Eastern

Bankshares,

Inc.

14,371

232,379

Enterprise

Bancorp,

Inc.

946

33,621

Enterprise

Financial

Services

Corp.

3,270

174,356

Equity

Bancshares,

Inc.,

Class

A

1,391

41,521

Esquire

Financial

Holdings,

Inc.

736

34,253

Farmers

&

Merchants

Bancorp,

Inc.

1,241

35,306

Farmers

National

Banc

Corp.

2,956

42,507

FB

Financial

Corp.

3,229

121,281

Financial

Institutions,

Inc.

1,547

38,226

First

Bancorp

19,766

350,438

First

Bancorp,

Inc.

(The)

1,016

30,135

First

Bancshares,

Inc.

(The)

1,979

60,656

First

Bank

1,606

21,729

First

Busey

Corp.

4,809

114,791

First

Business

Financial

Services,

Inc.

723

25,883

First

Commonwealth

Financial

Corp.(a)

9,045

133,052

First

Community

Bankshares,

Inc.

1,606

52,211

First

Financial

Bancorp

8,817

223,335

First

Financial

Bankshares,

Inc.(a)

12,007

427,689

First

Financial

Corp.

1,025

46,043

First

Foundation,

Inc.

4,721

73,317

First

Guaranty

Bancshares,

Inc.(a)

510

11,174

First

Internet

Bancorp

816

21,453

Common

Stocks

Shares

Value

($)

Banks

First

Interstate

BancSystem,

Inc.,

Class

A

8,278

297,015

First

Merchants

Corp.

5,424

231,279

First

Mid

Bancshares,

Inc.

1,941

62,364

First

of

Long

Island

Corp.

(The)

2,185

38,587

First

Western

Financial,

Inc.*

851

22,339

Five

Star

Bancorp(a)

1,179

31,786

Flushing

Financial

Corp.(a)

2,751

52,792

Fulton

Financial

Corp.(a)

15,187

254,079

FVCBankcorp,

Inc.*

1,289

22,081

German

American

Bancorp,

Inc.

2,648

102,001

Glacier

Bancorp,

Inc.(a)

10,274

468,392

Great

Southern

Bancorp,

Inc.

912

53,297

Guaranty

Bancshares,

Inc.

792

26,120

Hancock

Whitney

Corp.

7,991

411,377

Hanmi

Financial

Corp.

3,030

70,569

HarborOne

Bancorp,

Inc.

3,288

44,848

HBT

Financial,

Inc.

1,085

22,752

Heartland

Financial

USA,

Inc.

3,855

190,707

Heritage

Commerce

Corp.

5,783

70,090

Heritage

Financial

Corp.

3,262

93,065

Hilltop

Holdings,

Inc.

4,716

154,213

Home

BancShares,

Inc.

17,332

413,715

HomeStreet,

Inc.

1,670

46,042

HomeTrust

Bancshares,

Inc.

1,362

36,774

Hope

Bancorp,

Inc.

10,944

141,068

Horizon

Bancorp,

Inc.

3,624

56,679

Independent

Bank

Corp.

6,222

378,375

Independent

Bank

Group,

Inc.

3,323

203,700

International

Bancshares

Corp.

4,931

231,116

John

Marshall

Bancorp,

Inc.(a)

1,161

28,723

Lakeland

Bancorp,

Inc.

5,770

111,188

Lakeland

Financial

Corp.

2,306

163,057

Live

Oak

Bancshares,

Inc.(a)

3,043

104,162

Macatawa

Bank

Corp.

2,364

26,051

Mercantile

Bank

Corp.

1,512

51,907

Metrocity

Bankshares,

Inc.

1,755

35,486

Metropolitan

Bank

Holding

Corp.*

938

55,698

Mid

Penn

Bancorp,

Inc.

1,357

42,705

Midland

States

Bancorp,

Inc.

2,004

51,062

MidWestOne

Financial

Group,

Inc.

1,433

44,638

MVB

Financial

Corp.

976

21,550

National

Bank

Holdings

Corp.,

Class

A

2,645

111,698

NBT

Bancorp,

Inc.

3,926

154,331

Nicolet

Bankshares,

Inc.*

1,145

83,459

Northeast

Bank

624

29,453

Northwest

Bancshares,

Inc.(a)

11,140

157,520

OceanFirst

Financial

Corp.

5,493

131,393

OFG

Bancorp

4,355

123,290

Old

National

Bancorp

27,058

473,515

Old

Second

Bancorp,

Inc.

3,801

64,579

Origin

Bancorp,

Inc.

2,116

79,350

Orrstown

Financial

Services,

Inc.

1,042

25,790

72

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Pacific

Premier

Bancorp,

Inc.

(a)

8,257

267,031

Park

National

Corp.(a)

1,358

170,090

Parke

Bancorp,

Inc.(a)

1,095

22,672

Pathward

Financial,

Inc.

2,584

128,218

PCB

Bancorp

1,142

21,207

Peapack-Gladstone

Financial

Corp.

1,716

63,646

Peoples

Bancorp,

Inc.

2,535

75,213

Peoples

Financial

Services

Corp.

684

34,870

Preferred

Bank

916

65,155

Premier

Financial

Corp.

3,134

78,413

Primis

Financial

Corp.

2,286

27,066

Professional

Holding

Corp.,

Class

A*

1,267

36,300

QCR

Holdings,

Inc.

1,501

78,893

RBB

Bancorp

1,299

26,162

Red

River

Bancshares,

Inc.

432

21,989

Renasant

Corp.

5,168

183,877

Republic

Bancorp,

Inc.,

Class

A

813

36,569

Republic

First

Bancorp,

Inc.*(a)

3,583

7,883

S&T

Bancorp,

Inc.

3,473

126,348

Sandy

Spring

Bancorp,

Inc.

4,146

140,135

Seacoast

Banking

Corp.

of

Florida

5,218

167,550

ServisFirst

Bancshares,

Inc.

4,619

314,923

Shore

Bancshares,

Inc.

1,699

29,699

Sierra

Bancorp(a)

1,449

30,516

Silvergate

Capital

Corp.,

Class

A*(a)

2,955

42,079

Simmons

First

National

Corp.,

Class

A

11,397

254,267

SmartFinancial,

Inc.

1,478

39,862

South

Plains

Financial,

Inc.

995

27,960

Southern

First

Bancshares,

Inc.*

712

29,968

Southside

Bancshares,

Inc.

2,953

111,860

SouthState

Corp.

6,943

552,663

Stellar

Bancorp,

Inc.

4,116

115,701

Stock

Yards

Bancorp,

Inc.(a)

2,670

160,093

Summit

Financial

Group,

Inc.

1,137

29,505

Texas

Capital

Bancshares,

Inc.*

4,696

310,265

Third

Coast

Bancshares,

Inc.*

999

18,521

Tompkins

Financial

Corp.

1,344

101,244

Towne

Bank

6,254

190,559

TriCo

Bancshares

2,914

147,303

Triumph

Financial,

Inc.*

2,129

118,649

Trustmark

Corp.

5,693

165,780

UMB

Financial

Corp.

4,108

370,501

United

Bankshares,

Inc.

12,159

488,792

United

Community

Banks,

Inc.

(a)

9,693

315,410

Unity

Bancorp,

Inc.

713

18,873

Univest

Financial

Corp.

2,649

71,920

Common

Stocks

Shares

Value

($)

Banks

USCB

Financial

Holdings,

Inc.*(a)

1,191

14,292

Valley

National

Bancorp(a)

40,490

481,021

Veritex

Holdings,

Inc.

4,372

123,072

Washington

Federal,

Inc.

5,985

212,228

Washington

Trust

Bancorp,

Inc.

1,489

63,685

WesBanco,

Inc.

5,141

191,091

West

Bancorp,

Inc.

1,569

34,361

Westamerica

Bancorp

2,410

133,900

21,164,978

Beverages

0.6%

Celsius

Holdings,

Inc.*

5,154

517,049

Coca-Cola

Consolidated,

Inc.

441

223,490

Duckhorn

Portfolio,

Inc.

(The)*

3,775

61,079

MGP

Ingredients,

Inc.

1,285

125,339

National

Beverage

Corp.*

2,186

96,621

Primo

Water

Corp.

14,454

226,205

Vintage

Wine

Estates,

Inc.*(a)

2,639

7,548

Vita

Coco

Co.,

Inc.

(The)*

2,417

32,799

1,290,130

Biotechnology

7.2%

2seventy

bio,

Inc.*

3,312

45,043

4D

Molecular

Therapeutics,

Inc.*

2,671

56,225

Aadi

Bioscience,

Inc.*

1,234

15,573

Absci

Corp.*(a)

5,243

16,463

ACADIA

Pharmaceuticals,

Inc.*

11,341

215,819

Adicet

Bio,

Inc.*(a)

2,581

23,616

ADMA

Biologics,

Inc.*

17,853

65,878

Aerovate

Therapeutics,

Inc.*

802

18,326

Affimed

NV*

11,589

14,950

Agenus,

Inc.*

27,385

71,475

Agios

Pharmaceuticals,

Inc.*

5,139

151,498

Akero

Therapeutics,

Inc.*

3,245

160,627

Albireo

Pharma,

Inc.*

1,813

80,969

Alector,

Inc.*

5,586

49,269

Alkermes

plc*

15,094

432,292

Allogene

Therapeutics,

Inc.*(a)

7,474

57,699

Allovir,

Inc.*

3,034

17,537

Alpine

Immune

Sciences,

Inc.*

2,166

18,194

ALX

Oncology

Holdings,

Inc.*

1,864

17,335

Amicus

Therapeutics,

Inc.*

25,344

330,486

AnaptysBio,

Inc.*(a)

1,827

45,474

Anavex

Life

Sciences

Corp.*(a)

6,416

69,742

Anika

Therapeutics,

Inc.*

1,420

44,034

Apellis

Pharmaceuticals,

Inc.*

8,719

459,753

Arbutus

Biopharma

Corp.*

10,829

32,595

Arcellx,

Inc.*(a)

2,657

88,770

Arcturus

Therapeutics

Holdings,

Inc.*(a)

2,082

43,993

Arcus

Biosciences,

Inc.*

4,843

104,754

Arcutis

Biotherapeutics,

Inc.*(a)

3,702

61,342

Arrowhead

Pharmaceuticals,

Inc.*

9,576

335,064

Atara

Biotherapeutics,

Inc.*

8,249

41,822

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

Biotechnology

Aura

Biosciences,

Inc.*(a)

1,612

16,781

Aurinia

Pharmaceuticals,

Inc.*

12,999

117,641

Avid

Bioservices,

Inc.*

5,846

92,542

Avidity

Biosciences,

Inc.*

5,224

123,809

Beam

Therapeutics,

Inc.*(a)

5,875

255,269

BioCryst

Pharmaceuticals,

Inc.*

16,978

179,118

Biohaven

Ltd.*(a)

5,811

110,932

Bioxcel

Therapeutics,

Inc.*(a)

1,675

47,771

Bluebird

Bio,

Inc.*

7,718

49,009

Blueprint

Medicines

Corp.*

5,504

257,257

Bridgebio

Pharma,

Inc.*

10,147

94,164

C4

Therapeutics,

Inc.*

3,810

29,680

CareDx,

Inc.*

4,840

72,310

Caribou

Biosciences,

Inc.*

5,138

37,045

Catalyst

Pharmaceuticals,

Inc.*

9,079

140,634

Celldex

Therapeutics,

Inc.*

4,230

186,374

Celularity,

Inc.,

Class

A*

5,533

4,648

Century

Therapeutics,

Inc.*(a)

1,910

8,729

Cerevel

Therapeutics

Holdings,

Inc.*(a)

5,342

182,429

Chimerix,

Inc.*

6,981

12,356

Chinook

Therapeutics,

Inc.*

4,726

119,426

Cogent

Biosciences,

Inc.*(a)

5,875

88,477

Coherus

Biosciences,

Inc.*

7,172

60,819

Crinetics

Pharmaceuticals,

Inc.*(a)

5,006

98,168

CTI

BioPharma

Corp.*

9,064

50,124

Cullinan

Oncology,

Inc.*

2,611

30,392

Cytokinetics,

Inc.*(a)

7,559

321,106

Day

One

Biopharmaceuticals,

Inc.*(a)

2,511

54,664

Deciphera

Pharmaceuticals,

Inc.*

4,089

69,554

Denali

Therapeutics,

Inc.*

10,097

305,636

Design

Therapeutics,

Inc.*(a)

3,288

25,811

Dynavax

Technologies

Corp.*(a)

11,098

126,295

Dyne

Therapeutics,

Inc.*

2,846

41,552

Eagle

Pharmaceuticals,

Inc.*

868

29,460

Editas

Medicine,

Inc.*

6,513

64,414

Eiger

BioPharmaceuticals,

Inc.*(a)

4,162

7,908

Emergent

BioSolutions,

Inc.*

4,708

62,099

Enanta

Pharmaceuticals,

Inc.*

1,866

99,607

Enochian

Biosciences,

Inc.*(a)

2,625

3,202

EQRx,

Inc.*(a)

18,322

44,889

Erasca,

Inc.*(a)

6,027

24,108

Fate

Therapeutics,

Inc.*

7,762

46,262

FibroGen,

Inc.*

8,188

193,237

Foghorn

Therapeutics,

Inc.*

1,853

15,936

Generation

Bio

Co.*

4,131

24,373

Geron

Corp.*

34,897

115,160

Gossamer

Bio,

Inc.*(a)

5,881

15,526

GreenLight

Biosciences

Holdings

PBC*(a)

5,595

6,099

Halozyme

Therapeutics,

Inc.*(a)

12,323

637,962

Heron

Therapeutics,

Inc.*(a)

9,068

24,574

Common

Stocks

Shares

Value

($)

Biotechnology

HilleVax,

Inc.*

1,616

27,634

Humacyte,

Inc.*(a)

5,244

13,792

Icosavax,

Inc.*(a)

2,280

24,054

Ideaya

Biosciences,

Inc.*

4,107

69,942

IGM

Biosciences,

Inc.*

945

21,480

ImmunityBio,

Inc.*(a)

7,238

27,504

ImmunoGen,

Inc.*

19,458

89,507

Immunovant,

Inc.*

4,214

74,883

Inhibrx,

Inc.*

3,032

75,800

Inovio

Pharmaceuticals,

Inc.*(a)

22,054

36,610

Insmed,

Inc.*(a)

12,528

269,728

Instil

Bio,

Inc.*

7,072

5,756

Intellia

Therapeutics,

Inc.*(a)

7,890

334,852

Intercept

Pharmaceuticals,

Inc.*(a)

2,196

40,099

Invivyd,

Inc.*

5,552

12,659

Iovance

Biotherapeutics,

Inc.*

14,468

115,165

Ironwood

Pharmaceuticals,

Inc.*(a)

12,675

146,016

iTeos

Therapeutics,

Inc.*

2,015

42,113

IVERIC

bio,

Inc.*

12,550

289,905

Janux

Therapeutics,

Inc.*

1,849

41,066

Jounce

Therapeutics,

Inc.*

3,124

3,655

KalVista

Pharmaceuticals,

Inc.*

2,119

16,867

Karuna

Therapeutics,

Inc.*

2,813

560,884

Karyopharm

Therapeutics,

Inc.*(a)

6,670

22,011

Keros

Therapeutics,

Inc.*

1,787

104,665

Kezar

Life

Sciences,

Inc.*(a)

4,714

33,799

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

2,768

40,025

Kinnate

Biopharma,

Inc.*(a)

2,610

19,653

Kodiak

Sciences,

Inc.*

3,213

25,961

Kronos

Bio,

Inc.*

3,678

8,827

Krystal

Biotech,

Inc.*

1,959

162,832

Kura

Oncology,

Inc.*(a)

6,044

83,528

Kymera

Therapeutics,

Inc.*(a)

3,656

136,661

Lexicon

Pharmaceuticals,

Inc.*

6,694

14,995

Lyell

Immunopharma,

Inc.*(a)

15,810

51,699

MacroGenics,

Inc.*

5,349

30,864

Madrigal

Pharmaceuticals,

Inc.*

1,126

324,569

MannKind

Corp.*(a)

23,396

127,976

MeiraGTx

Holdings

plc*

2,997

25,055

Mersana

Therapeutics,

Inc.*

8,823

58,055

MiMedx

Group,

Inc.*

10,526

40,736

Mirum

Pharmaceuticals,

Inc.*

1,571

36,887

Monte

Rosa

Therapeutics,

Inc.*(a)

2,724

20,158

Morphic

Holding,

Inc.*

2,499

81,792

Myriad

Genetics,

Inc.*

7,210

142,181

Nkarta,

Inc.*(a)

2,853

15,206

Nurix

Therapeutics,

Inc.*

4,204

51,667

Nuvalent,

Inc.,

Class

A*(a)

1,786

54,026

Ocugen,

Inc.*(a)

21,956

27,884

OmniAb,

Inc.*(a)

7,002

28,988

OmniAb,

Inc.*∞

1,082

0

Organogenesis

Holdings,

Inc.*

6,549

16,765

74

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Outlook

Therapeutics,

Inc.*(a)

12,464

14,334

Pardes

Biosciences,

Inc.*

2,910

6,024

PepGen,

Inc.*(a)

1,499

23,414

PMV

Pharmaceuticals,

Inc.*

3,466

28,421

Point

Biopharma

Global,

Inc.*

7,906

63,248

Praxis

Precision

Medicines,

Inc.*

3,056

15,219

Precigen,

Inc.*

8,987

14,559

Prime

Medicine,

Inc.*(a)

901

15,840

Prometheus

Biosciences,

Inc.*

3,227

366,781

Protagonist

Therapeutics,

Inc.*

4,219

56,071

Prothena

Corp.

plc*

3,352

189,556

PTC

Therapeutics,

Inc.*(a)

6,570

301,497

Rallybio

Corp.*(a)

1,662

11,534

RAPT

Therapeutics,

Inc.*

2,604

75,646

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

12,663

105,483

REGENXBIO,

Inc.*(a)

3,810

88,430

Relay

Therapeutics,

Inc.*(a)

7,906

169,663

Replimune

Group,

Inc.*

3,743

104,243

REVOLUTION

Medicines,

Inc.*

7,064

188,891

Rigel

Pharmaceuticals,

Inc.*

15,130

24,813

Rocket

Pharmaceuticals,

Inc.*

4,987

108,368

Sage

Therapeutics,

Inc.*

4,828

214,074

Sana

Biotechnology,

Inc.*(a)

8,144

37,137

Sangamo

Therapeutics,

Inc.*

12,951

45,199

Seres

Therapeutics,

Inc.*

6,594

36,069

Sorrento

Therapeutics,

Inc.*(a)

42,619

40,850

SpringWorks

Therapeutics,

Inc.*(a)

3,295

103,463

Stoke

Therapeutics,

Inc.*

1,986

19,781

Sutro

Biopharma,

Inc.*

4,977

36,033

Syndax

Pharmaceuticals,

Inc.*(a)

4,974

142,754

Talaris

Therapeutics,

Inc.*(a)

2,016

2,943

Tango

Therapeutics,

Inc.*

4,015

26,499

Tenaya

Therapeutics,

Inc.*

2,696

9,220

TG

Therapeutics,

Inc.*

12,289

187,161

Travere

Therapeutics,

Inc.*

5,675

127,120

Twist

Bioscience

Corp.*(a)

5,220

149,762

Tyra

Biosciences,

Inc.*

1,150

12,213

Vanda

Pharmaceuticals,

Inc.*

4,908

37,693

Vaxart,

Inc.*(a)

11,318

12,223

Vaxcyte,

Inc.*

6,659

301,986

VBI

Vaccines,

Inc.*

18,498

10,766

Vera

Therapeutics,

Inc.*(a)

1,389

11,779

Veracyte,

Inc.*(a)

6,652

167,165

Vericel

Corp.*

4,459

122,489

Verve

Therapeutics,

Inc.*(a)

4,211

95,800

Vir

Biotechnology,

Inc.*

6,811

201,265

Viridian

Therapeutics,

Inc.*

3,494

127,601

VistaGen

Therapeutics,

Inc.*(a)

18,127

4,691

Xencor,

Inc.*(a)

5,407

177,998

Y-mAbs

Therapeutics,

Inc.*

3,311

14,866

Zentalis

Pharmaceuticals,

Inc.*

4,329

102,164

16,690,190

Common

Stocks

Shares

Value

($)

Building

Products

1.3%

AAON,

Inc.

4,043

308,562

American

Woodmark

Corp.*

1,564

89,602

Apogee

Enterprises,

Inc.

2,116

99,113

Caesarstone

Ltd.

2,067

12,898

CSW

Industrials,

Inc.

1,340

181,181

Gibraltar

Industries,

Inc.*

2,845

152,407

Griffon

Corp.

4,180

170,878

Insteel

Industries,

Inc.

1,735

52,033

Janus

International

Group,

Inc.*

7,824

86,064

JELD-WEN

Holding,

Inc.*

7,897

99,897

Masonite

International

Corp.*

2,098

191,380

PGT

Innovations,

Inc.*

5,480

118,916

Quanex

Building

Products

Corp.

3,061

79,249

Resideo

Technologies,

Inc.*

13,558

260,720

Simpson

Manufacturing

Co.,

Inc.

3,934

421,371

UFP

Industries,

Inc.

5,550

519,203

View,

Inc.*(a)

13,195

10,820

Zurn

Elkay

Water

Solutions

Corp.

11,605

253,685

3,107,979

Capital

Markets

1.7%

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

5,599

206,155

AssetMark

Financial

Holdings,

Inc.*

1,935

51,355

Associated

Capital

Group,

Inc.,

Class

A

190

7,229

Avantax,

Inc.*

4,495

130,984

B.

Riley

Financial,

Inc.(a)

1,934

82,640

Bakkt

Holdings,

Inc.*(a)

6,042

9,486

BGC

Partners,

Inc.,

Class

A

29,705

129,217

Brightsphere

Investment

Group,

Inc.

2,915

68,357

Cohen

&

Steers,

Inc.

2,390

175,593

Cowen,

Inc.,

Class

A

2,441

94,906

Diamond

Hill

Investment

Group,

Inc.

288

54,268

Donnelley

Financial

Solutions,

Inc.*

2,285

104,219

Federated

Hermes,

Inc.,

Class

B

7,983

313,732

Focus

Financial

Partners,

Inc.,

Class

A*

5,415

244,487

GCM

Grosvenor,

Inc.,

Class

A

4,036

36,163

Hamilton

Lane,

Inc.,

Class

A

3,336

259,741

Houlihan

Lokey,

Inc.

4,669

462,558

MarketWise,

Inc.*

2,602

5,776

Moelis

&

Co.,

Class

A(a)

5,848

273,394

Open

Lending

Corp.,

Class

A*

9,881

86,656

Oppenheimer

Holdings,

Inc.,

Class

A

730

34,755

Perella

Weinberg

Partners

3,493

35,803

Piper

Sandler

Cos.

1,608

228,497

PJT

Partners,

Inc.,

Class

A

2,209

176,786

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

Capital

Markets

Sculptor

Capital

Management,

Inc.(a)

2,608

24,228

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

702

13,268

StepStone

Group,

Inc.,

Class

A

5,061

147,731

StoneX

Group,

Inc.*

1,594

140,081

Value

Line,

Inc.

100

5,171

Victory

Capital

Holdings,

Inc.,

Class

A

1,438

42,622

Virtus

Investment

Partners,

Inc.

662

142,251

WisdomTree,

Inc.

12,971

74,713

3,862,822

Chemicals

2.1%

AdvanSix,

Inc.

2,427

104,943

American

Vanguard

Corp.

2,522

56,972

Amyris,

Inc.*(a)

18,147

28,854

Aspen

Aerogels,

Inc.*

2,841

29,831

Avient

Corp.

8,415

340,976

Balchem

Corp.

2,968

387,710

Cabot

Corp.

5,136

386,895

Chase

Corp.

705

66,538

Danimer

Scientific,

Inc.*

8,565

19,528

Diversey

Holdings

Ltd.*

7,088

43,024

Ecovyst,

Inc.*

6,481

67,986

FutureFuel

Corp.

2,709

25,112

Hawkins,

Inc.

1,821

71,019

HB

Fuller

Co.

4,933

340,870

Ingevity

Corp.*(a)

3,445

284,006

Innospec,

Inc.

2,293

259,155

Intrepid

Potash,

Inc.*

950

31,094

Koppers

Holdings,

Inc.

1,968

68,112

Kronos

Worldwide,

Inc.

2,146

25,001

Livent

Corp.*(a)

14,956

387,660

LSB

Industries,

Inc.*

6,827

86,771

Mativ

Holdings,

Inc.(a)

5,067

139,647

Minerals

Technologies,

Inc.

3,034

210,711

Origin

Materials,

Inc.*(a)

9,450

57,172

Orion

Engineered

Carbons

SA

5,680

119,394

Perimeter

Solutions

SA*

10,877

101,156

PureCycle

Technologies,

Inc.*(a)

9,644

80,817

Quaker

Chemical

Corp.(a)

1,241

244,316

Rayonier

Advanced

Materials,

Inc.*

5,855

40,575

Sensient

Technologies

Corp.

(a)

3,931

297,537

Stepan

Co.

1,894

208,037

Tredegar

Corp.

2,642

32,047

Trinseo

plc(a)

3,315

91,991

Tronox

Holdings

plc

10,962

187,998

Valhi,

Inc.

254

6,561

4,930,016

Commercial

Services

&

Supplies

1.5%

ABM

Industries,

Inc.

6,102

286,245

ACCO

Brands

Corp.

8,832

56,083

ACV

Auctions,

Inc.,

Class

A*

10,605

103,929

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Aris

Water

Solution,

Inc.,

Class

A(a)

1,840

28,502

Brady

Corp.,

Class

A

4,260

227,782

BrightView

Holdings,

Inc.*

4,427

35,195

Brink's

Co.

(The)

4,176

273,946

Casella

Waste

Systems,

Inc.,

Class

A*

4,620

370,154

Cimpress

plc*

1,682

54,985

CoreCivic,

Inc.*(a)

10,388

110,528

Deluxe

Corp.

4,087

81,699

Ennis,

Inc.

2,418

51,358

GEO

Group,

Inc.

(The)*(a)

10,262

118,013

Harsco

Corp.*

7,619

60,495

Healthcare

Services

Group,

Inc.(a)

7,109

95,758

Heritage-Crystal

Clean,

Inc.*

1,481

55,093

HNI

Corp.

3,914

124,348

Interface,

Inc.

5,456

62,089

KAR

Auction

Services,

Inc.*

9,987

145,411

Kimball

International,

Inc.,

Class

B

3,733

27,624

Li-Cycle

Holdings

Corp.*(a)

12,369

67,287

Matthews

International

Corp.,

Class

A

2,839

105,157

MillerKnoll,

Inc.

6,938

165,679

Montrose

Environmental

Group,

Inc.*

2,476

134,100

NL

Industries,

Inc.

865

6,107

Pitney

Bowes,

Inc.

12,266

52,867

Quad/Graphics,

Inc.*

3,409

15,034

SP

Plus

Corp.*

1,831

69,047

Steelcase,

Inc.,

Class

A

8,159

63,640

UniFirst

Corp.

1,394

276,625

Viad

Corp.*

1,911

56,470

VSE

Corp.(a)

1,035

56,822

3,438,072

Communications

Equipment

0.8%

ADTRAN

Holdings,

Inc.

7,111

134,185

Aviat

Networks,

Inc.*(a)

638

20,639

Calix,

Inc.*(a)

5,327

280,413

Cambium

Networks

Corp.*

985

21,109

Casa

Systems,

Inc.*

3,315

11,337

Clearfield,

Inc.*(a)

1,100

78,606

CommScope

Holding

Co.,

Inc.*

19,280

161,952

Comtech

Telecommunications

Corp.

2,491

39,507

Digi

International,

Inc.*

3,229

109,754

DZS,

Inc.*

1,867

23,711

Extreme

Networks,

Inc.*

11,869

213,998

Harmonic,

Inc.*(a)

8,462

111,445

Infinera

Corp.*(a)

18,282

133,824

Inseego

Corp.*(a)

8,190

9,500

NETGEAR,

Inc.*

2,780

55,517

NetScout

Systems,

Inc.*

6,469

207,655

Ondas

Holdings,

Inc.*(a)

2,893

5,757

Ribbon

Communications,

Inc.*

6,875

24,131

Viavi

Solutions,

Inc.*

21,001

237,311

1,880,351

76

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

1.5%

Ameresco,

Inc.,

Class

A*

3,001

193,474

API

Group

Corp.*

19,141

425,696

Arcosa,

Inc.

4,523

268,078

Argan,

Inc.

1,218

47,490

Comfort

Systems

USA,

Inc.

3,263

394,954

Concrete

Pumping

Holdings,

Inc.*

2,745

22,344

Construction

Partners,

Inc.,

Class

A*

3,755

106,229

Dycom

Industries,

Inc.*

2,707

258,167

EMCOR

Group,

Inc.

4,352

645,184

Fluor

Corp.*(a)

13,154

483,409

Granite

Construction,

Inc.(a)

3,997

170,192

Great

Lakes

Dredge

&

Dock

Corp.*

6,040

41,555

IES

Holdings,

Inc.*

836

33,281

MYR

Group,

Inc.*

1,548

153,345

Northwest

Pipe

Co.*

912

34,109

Primoris

Services

Corp.

4,931

131,165

Sterling

Infrastructure,

Inc.*

2,625

95,524

Tutor

Perini

Corp.*

4,143

37,991

3,542,187

Construction

Materials

0.2%

Summit

Materials,

Inc.,

Class

A*(a)

11,052

363,169

United

States

Lime

&

Minerals,

Inc.

214

32,485

395,654

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*

414

13,455

Bread

Financial

Holdings,

Inc.

2,664

109,304

Consumer

Portfolio

Services,

Inc.*(a)

949

9,537

Curo

Group

Holdings

Corp.

1,901

7,680

Encore

Capital

Group,

Inc.*(a)

2,204

122,807

Enova

International,

Inc.*

2,809

128,231

EZCORP,

Inc.,

Class

A*(a)

4,554

41,487

FirstCash

Holdings,

Inc.

3,488

321,524

Green

Dot

Corp.,

Class

A*

4,472

80,854

LendingClub

Corp.*

9,635

93,363

LendingTree,

Inc.*

1,071

42,476

Moneylion,

Inc.*(a)

12,787

10,065

Navient

Corp.

9,804

185,982

Nelnet,

Inc.,

Class

A

1,292

123,373

NerdWallet,

Inc.,

Class

A*(a)

2,225

26,010

Oportun

Financial

Corp.*

2,766

19,390

OppFi,

Inc.*

2,395

5,508

PRA

Group,

Inc.*

3,604

145,025

PROG

Holdings,

Inc.*

4,716

105,120

Regional

Management

Corp.

706

24,350

Sunlight

Financial

Holdings,

Inc.*

3,022

3,898

World

Acceptance

Corp.*(a)

378

36,182

1,655,621

Containers

&

Packaging

0.3%

Cryptyde,

Inc.*

1,644

354

Greif,

Inc.,

Class

A

2,353

168,075

Greif,

Inc.,

Class

B

509

41,942

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Myers

Industries,

Inc.

3,254

78,356

O-I

Glass,

Inc.*

14,505

279,221

Pactiv

Evergreen,

Inc.

3,829

44,072

Ranpak

Holdings

Corp.*

3,576

27,392

TriMas

Corp.

3,934

121,128

760,540

Distributors

0.0%

†

Funko,

Inc.,

Class

A*

3,050

36,905

Weyco

Group,

Inc.

396

10,779

47,684

Diversified

Consumer

Services

1.0%

2U,

Inc.*

7,335

63,301

Adtalem

Global

Education,

Inc.*(a)

4,204

160,509

American

Public

Education,

Inc.*

1,745

21,132

Beachbody

Co.,

Inc.

(The)*

9,111

5,660

Carriage

Services,

Inc.

1,130

36,635

Chegg,

Inc.*

11,494

238,615

Coursera,

Inc.*

10,461

166,853

Duolingo,

Inc.*(a)

2,176

207,786

European

Wax

Center,

Inc.,

Class

A(a)

2,010

37,868

Frontdoor,

Inc.*

7,779

211,433

Graham

Holdings

Co.,

Class

B

337

220,166

Laureate

Education,

Inc.,

Class

A

12,494

137,184

Nerdy,

Inc.*

4,605

13,078

OneSpaWorld

Holdings

Ltd.*

6,090

64,006

Perdoceo

Education

Corp.*

6,305

94,386

Rover

Group,

Inc.*

8,218

33,612

Strategic

Education,

Inc.

2,087

194,821

Stride,

Inc.*(a)

3,805

163,349

Udemy,

Inc.*

6,705

84,081

Universal

Technical

Institute,

Inc.*

2,701

20,474

Vivint

Smart

Home,

Inc.*(a)

8,682

104,010

WW

International,

Inc.*

5,088

25,287

2,304,246

Diversified

Financial

Services

0.3%

Alerus

Financial

Corp.

1,429

29,409

A-Mark

Precious

Metals,

Inc.

1,654

63,679

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

2,327

40,094

Cannae

Holdings,

Inc.*

6,533

159,667

Compass

Diversified

Holdings

5,591

124,791

Jackson

Financial,

Inc.,

Class

A

6,918

304,669

SWK

Holdings

Corp.*

383

7,223

729,532

Diversified

Telecommunication

Services

0.7%

Anterix,

Inc.*

1,735

62,581

ATN

International,

Inc.

1,053

51,471

Bandwidth,

Inc.,

Class

A*

2,225

55,358

Charge

Enterprises,

Inc.*

11,488

15,394

Cogent

Communications

Holdings,

Inc.

4,039

276,954

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Consolidated

Communications

Holdings,

Inc.*

6,909

30,054

EchoStar

Corp.,

Class

A*

3,201

59,891

Globalstar,

Inc.*(a)

65,367

92,167

IDT

Corp.,

Class

B*

1,368

40,206

Iridium

Communications,

Inc.*

11,568

692,229

Liberty

Latin

America

Ltd.,

Class

A*

4,063

39,980

Liberty

Latin

America

Ltd.,

Class

C*

12,583

123,942

Ooma,

Inc.*

2,215

31,830

Radius

Global

Infrastructure,

Inc.*

7,311

98,479

1,670,536

Electric

Utilities

0.7%

ALLETE,

Inc.

5,344

330,580

MGE

Energy,

Inc.

3,410

249,305

Otter

Tail

Corp.

3,784

242,743

PNM

Resources,

Inc.

7,867

389,259

Portland

General

Electric

Co.

8,410

400,148

Via

Renewables,

Inc.

1,304

8,750

1,620,785

Electrical

Equipment

1.5%

Allied

Motion

Technologies,

Inc.

1,253

50,922

Array

Technologies,

Inc.*(a)

13,922

309,486

Atkore,

Inc.*

3,807

495,862

AZZ,

Inc.(a)

2,298

97,619

Babcock

&

Wilcox

Enterprises,

Inc.*

5,260

34,926

Blink

Charging

Co.*(a)

3,460

47,091

Bloom

Energy

Corp.,

Class

A*

16,538

412,292

Encore

Wire

Corp.(a)

1,627

262,647

Energy

Vault

Holdings,

Inc.*(a)

7,517

31,872

EnerSys

3,722

309,000

Enovix

Corp.*

10,106

80,242

ESS

Tech,

Inc.*(a)

7,186

15,881

Fluence

Energy,

Inc.*(a)

3,462

83,573

FTC

Solar,

Inc.*(a)

3,920

10,780

FuelCell

Energy,

Inc.*(a)

37,817

138,410

GrafTech

International

Ltd.

18,419

120,460

Heliogen,

Inc.*(a)

7,813

4,982

NuScale

Power

Corp.*(a)

2,562

27,311

Powell

Industries,

Inc.

885

35,135

Preformed

Line

Products

Co.

250

22,082

Shoals

Technologies

Group,

Inc.,

Class

A*

12,712

354,538

Stem,

Inc.*(a)

13,663

134,717

SunPower

Corp.*(a)

7,688

134,002

Thermon

Group

Holdings,

Inc.*

3,123

72,204

TPI

Composites,

Inc.*

3,549

46,314

Vicor

Corp.*(a)

2,026

140,665

3,473,013

Electronic

Equipment,

Instruments

&

Components

2.3%

908

Devices,

Inc.*(a)

2,243

20,905

Advanced

Energy

Industries,

Inc.

3,472

321,993

Aeva

Technologies,

Inc.*(a)

9,995

16,892

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

AEye,

Inc.*(a)

12,625

7,895

Akoustis

Technologies,

Inc.*(a)

4,880

18,007

Arlo

Technologies,

Inc.*

7,715

28,931

Badger

Meter,

Inc.

2,702

313,162

Belden,

Inc.

3,929

318,603

Benchmark

Electronics,

Inc.

3,276

91,695

Cepton,

Inc.*

2,692

3,257

CTS

Corp.

2,875

127,966

ePlus,

Inc.*

2,526

125,744

Evolv

Technologies

Holdings,

Inc.*

7,023

21,490

Fabrinet*

3,402

447,907

FARO

Technologies,

Inc.*

1,740

47,815

Focus

Universal,

Inc.*(a)

1,520

8,816

Identiv,

Inc.*

1,958

17,074

Insight

Enterprises,

Inc.*(a)

2,963

333,989

Itron,

Inc.*(a)

4,185

240,512

Kimball

Electronics,

Inc.*

2,274

58,033

Knowles

Corp.*

8,306

159,724

Lightwave

Logic,

Inc.*(a)

10,336

65,014

Methode

Electronics,

Inc.(a)

3,297

157,399

MicroVision,

Inc.*(a)

15,589

39,128

Mirion

Technologies,

Inc.*(a)

13,259

105,409

Napco

Security

Technologies,

Inc.*

2,819

81,667

nLight,

Inc.*

4,132

51,237

Novanta,

Inc.*

3,296

532,205

OSI

Systems,

Inc.*

1,485

140,644

Ouster,

Inc.*

12,030

17,203

PAR

Technology

Corp.*(a)

2,383

80,998

PC

Connection,

Inc.

996

48,834

Plexus

Corp.*

2,563

246,022

Rogers

Corp.*

1,757

245,260

Sanmina

Corp.*(a)

5,245

319,578

ScanSource,

Inc.*

2,385

78,538

SmartRent,

Inc.*

10,688

31,209

TTM

Technologies,

Inc.*(a)

9,400

147,768

Velodyne

Lidar,

Inc.*

16,608

19,431

Vishay

Intertechnology,

Inc.

12,045

275,710

Vishay

Precision

Group,

Inc.*

1,184

51,125

5,464,789

Energy

Equipment

&

Services

2.2%

Archrock,

Inc.

12,502

123,895

Borr

Drilling

Ltd.*

19,254

114,561

Bristow

Group,

Inc.*

2,183

66,669

Cactus,

Inc.,

Class

A

5,453

295,062

ChampionX

Corp.

18,611

614,535

Diamond

Offshore

Drilling,

Inc.*

9,044

103,644

DMC

Global,

Inc.*

1,761

40,045

Dril-Quip,

Inc.*

3,040

93,358

Expro

Group

Holdings

NV*

7,098

134,081

Helix

Energy

Solutions

Group,

Inc.*

13,563

107,555

Helmerich

&

Payne,

Inc.(a)

9,560

463,086

Liberty

Energy,

Inc.,

Class

A

12,851

203,431

Nabors

Industries

Ltd.*

836

148,424

National

Energy

Services

Reunited

Corp.*

3,805

28,766

78

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Newpark

Resources,

Inc.*

8,796

39,934

NexTier

Oilfield

Solutions,

Inc.*

16,517

155,590

Noble

Corp.

plc*

7,799

317,341

Oceaneering

International,

Inc.*

9,394

200,562

Oil

States

International,

Inc.*(a)

6,072

51,976

Patterson-UTI

Energy,

Inc.

19,853

333,530

ProFrac

Holding

Corp.,

Class

A*

2,187

49,208

ProPetro

Holding

Corp.*

7,975

79,351

RPC,

Inc.(a)

6,619

65,661

Select

Energy

Services,

Inc.,

Class

A

5,884

51,662

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

2,867

30,362

TETRA

Technologies,

Inc.*

11,629

46,051

Tidewater,

Inc.*

4,313

187,184

US

Silica

Holdings,

Inc.*

6,960

85,190

Valaris

Ltd.*

5,668

411,724

Weatherford

International

plc*

6,617

376,375

5,018,813

Entertainment

0.3%

Cinemark

Holdings,

Inc.*

10,241

122,278

IMAX

Corp.*

4,295

73,015

Liberty

Media

Corp.-Liberty

Braves,

Class

A*(a)

1,076

37,800

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

3,430

118,952

Lions

Gate

Entertainment

Corp.,

Class

A*

4,949

39,443

Lions

Gate

Entertainment

Corp.,

Class

B*

10,774

82,098

Madison

Square

Garden

Entertainment

Corp.*

2,497

130,568

Marcus

Corp.

(The)(a)

2,314

35,034

Playstudios,

Inc.*(a)

6,910

31,924

Reservoir

Media,

Inc.*

1,940

13,658

Skillz,

Inc.*(a)

27,626

22,084

706,854

Equity

Real

Estate

Investment

Trusts

(REITs)

5.8%

Acadia

Realty

Trust

8,032

124,737

Agree

Realty

Corp.

8,133

606,966

Alexander

&

Baldwin,

Inc.

6,595

132,032

Alexander's,

Inc.

189

44,846

American

Assets

Trust,

Inc.

4,500

128,070

Apartment

Investment

and

Management

Co.,

Class

A

14,115

106,004

Apple

Hospitality

REIT,

Inc.

20,207

358,270

Armada

Hoffler

Properties,

Inc.

5,989

75,940

Ashford

Hospitality

Trust,

Inc.*

3,465

23,874

Bluerock

Homes

Trust,

Inc.*

324

7,002

Braemar

Hotels

&

Resorts,

Inc.

5,464

28,959

Brandywine

Realty

Trust

16,082

105,498

Broadstone

Net

Lease,

Inc.

15,729

284,852

BRT

Apartments

Corp.

1,127

23,611

CareTrust

REIT,

Inc.

9,146

189,505

CBL

&

Associates

Properties,

Inc.

2,580

68,757

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Centerspace

1,377

93,113

Chatham

Lodging

Trust

4,268

60,648

City

Office

REIT,

Inc.

3,848

37,864

Clipper

Realty,

Inc.

1,519

10,694

Community

Healthcare

Trust,

Inc.

2,202

94,422

Corporate

Office

Properties

Trust

10,390

291,647

CTO

Realty

Growth,

Inc.

1,818

35,706

DiamondRock

Hospitality

Co.

19,321

186,061

Diversified

Healthcare

Trust

22,423

17,746

Easterly

Government

Properties,

Inc.

8,204

133,233

Elme

Communities

8,099

155,501

Empire

State

Realty

Trust,

Inc.,

Class

A

11,998

100,063

Equity

Commonwealth

9,762

249,126

Essential

Properties

Realty

Trust,

Inc.

13,098

333,737

Farmland

Partners,

Inc.

4,529

58,333

Four

Corners

Property

Trust,

Inc.

7,719

221,998

Franklin

Street

Properties

Corp.

9,714

29,919

Getty

Realty

Corp.

3,776

137,560

Gladstone

Commercial

Corp.

3,638

61,810

Gladstone

Land

Corp.

2,898

56,627

Global

Medical

REIT,

Inc.

5,727

64,314

Global

Net

Lease,

Inc.

9,493

141,920

Hersha

Hospitality

Trust,

Class

A

2,727

25,088

Independence

Realty

Trust,

Inc.

21,000

395,430

Indus

Realty

Trust,

Inc.

448

28,717

Industrial

Logistics

Properties

Trust

6,009

26,500

Innovative

Industrial

Properties,

Inc.

2,587

232,261

InvenTrust

Properties

Corp.

6,381

158,695

iStar,

Inc.

6,539

60,682

Kite

Realty

Group

Trust

20,359

441,790

LTC

Properties,

Inc.

3,615

137,912

LXP

Industrial

Trust

25,169

290,702

Macerich

Co.

(The)

19,932

273,866

National

Health

Investors,

Inc.

3,895

229,143

Necessity

Retail

REIT,

Inc.

(The)

11,875

81,106

NETSTREIT

Corp.

4,825

97,127

NexPoint

Residential

Trust,

Inc.

2,116

106,858

Office

Properties

Income

Trust

4,572

78,456

One

Liberty

Properties,

Inc.

1,527

36,816

Orion

Office

REIT,

Inc.

4,938

47,652

Outfront

Media,

Inc.

13,726

273,147

Paramount

Group,

Inc.

17,693

114,120

Pebblebrook

Hotel

Trust

11,927

195,603

Phillips

Edison

&

Co.,

Inc.

10,778

361,279

Physicians

Realty

Trust

21,336

338,389

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

11,080

117,448

Plymouth

Industrial

REIT,

Inc.

3,600

80,568

Postal

Realty

Trust,

Inc.,

Class

A

1,588

24,550

PotlatchDeltic

Corp.

7,460

365,167

Retail

Opportunity

Investments

Corp.

11,370

179,987

RLJ

Lodging

Trust

14,814

186,212

RPT

Realty

8,009

83,934

Ryman

Hospitality

Properties,

Inc.

5,030

467,237

Sabra

Health

Care

REIT,

Inc.

21,568

291,168

Safehold,

Inc.

2,465

86,176

Saul

Centers,

Inc.

1,053

45,079

Service

Properties

Trust

15,554

138,586

SITE

Centers

Corp.

18,019

245,959

STAG

Industrial,

Inc.

16,781

597,404

Summit

Hotel

Properties,

Inc.

9,803

83,522

Sunstone

Hotel

Investors,

Inc.

19,989

219,679

Tanger

Factory

Outlet

Centers,

Inc.

9,631

184,048

Terreno

Realty

Corp.

6,946

447,531

UMH

Properties,

Inc.

4,641

83,167

Uniti

Group,

Inc.

21,753

143,352

Universal

Health

Realty

Income

Trust

1,227

67,252

Urban

Edge

Properties

10,974

172,840

Urstadt

Biddle

Properties,

Inc.,

Class

A

2,637

49,523

Veris

Residential,

Inc.*

7,819

135,269

Whitestone

REIT

4,399

45,794

Xenia

Hotels

&

Resorts,

Inc.

10,467

155,958

13,609,714

Food

&

Staples

Retailing

0.6%

Andersons,

Inc.

(The)

2,967

109,126

Chefs'

Warehouse,

Inc.

(The)*(a)

3,239

123,827

Fresh

Market,

Inc.

(The)*∞

232

0

HF

Foods

Group,

Inc.*

3,603

16,790

Ingles

Markets,

Inc.,

Class

A

1,331

126,445

Natural

Grocers

by

Vitamin

Cottage,

Inc.

867

8,609

PriceSmart,

Inc.

2,273

168,907

Rite

Aid

Corp.*(a)

5,286

19,294

SpartanNash

Co.

3,114

98,652

Sprouts

Farmers

Market,

Inc.*

9,739

311,161

United

Natural

Foods,

Inc.*(a)

5,468

227,578

Village

Super

Market,

Inc.,

Class

A

852

19,818

Weis

Markets,

Inc.

1,539

132,877

1,363,084

Food

Products

1.1%

Alico,

Inc.

645

17,092

AppHarvest,

Inc.*(a)

6,581

16,058

B&G

Foods,

Inc.(a)

6,538

91,663

Benson

Hill,

Inc.*(a)

15,199

40,733

Beyond

Meat,

Inc.*(a)

5,503

90,414

BRC,

Inc.,

Class

A*(a)

2,259

14,909

Common

Stocks

Shares

Value

($)

Food

Products

Calavo

Growers,

Inc.

1,637

52,466

Cal-Maine

Foods,

Inc.(a)

3,541

202,616

Fresh

Del

Monte

Produce,

Inc.

(a)

2,881

82,397

Hain

Celestial

Group,

Inc.

(The)*

8,159

167,423

Hostess

Brands,

Inc.*(a)

12,355

285,771

J

&

J

Snack

Foods

Corp.

1,431

205,062

John

B

Sanfilippo

&

Son,

Inc.

808

68,284

Lancaster

Colony

Corp.

1,816

348,509

Lifecore

Biomedical,

Inc.*

2,745

17,046

Local

Bounti

Corp.*(a)

6,724

6,454

Mission

Produce,

Inc.*(a)

3,514

43,784

Seneca

Foods

Corp.,

Class

A*

515

32,187

Simply

Good

Foods

Co.

(The)*

8,193

297,406

Sovos

Brands,

Inc.*

3,426

46,457

SunOpta,

Inc.*

8,731

71,332

Tattooed

Chef,

Inc.*

4,431

6,735

Tootsie

Roll

Industries,

Inc.

1,400

62,622

TreeHouse

Foods,

Inc.*

4,741

229,607

Utz

Brands,

Inc.(a)

5,948

99,094

Vital

Farms,

Inc.*

2,889

50,789

Whole

Earth

Brands,

Inc.*

3,541

13,420

2,660,330

Gas

Utilities

1.2%

Brookfield

Infrastructure

Corp.,

Class

A

9,129

403,684

Chesapeake

Utilities

Corp.

1,633

205,889

New

Jersey

Resources

Corp.

8,885

443,539

Northwest

Natural

Holding

Co.

3,140

157,440

ONE

Gas,

Inc.(a)

4,971

409,411

South

Jersey

Industries,

Inc.

11,486

414,530

Southwest

Gas

Holdings,

Inc.

6,204

415,234

Spire,

Inc.(a)

4,718

340,734

2,790,461

Health

Care

Equipment

&

Supplies

3.7%

Alphatec

Holdings,

Inc.*(a)

6,694

87,156

AngioDynamics,

Inc.*

3,507

45,661

Artivion,

Inc.*(a)

3,603

46,983

AtriCure,

Inc.*(a)

4,298

186,017

Atrion

Corp.

123

84,538

Avanos

Medical,

Inc.*

4,202

128,749

Axogen,

Inc.*

3,771

35,711

Axonics,

Inc.*

4,494

275,932

Bioventus,

Inc.,

Class

A*(a)

2,744

5,378

Butterfly

Network,

Inc.*(a)

12,189

33,520

Cardiovascular

Systems,

Inc.*

3,736

52,080

Cerus

Corp.*

15,938

50,045

CONMED

Corp.

2,715

259,988

Cue

Health,

Inc.*

9,556

25,037

Cutera,

Inc.*

1,609

56,041

Embecta

Corp.(a)

5,460

144,089

Figs,

Inc.,

Class

A*

11,725

104,939

Glaukos

Corp.*

4,319

211,847

Haemonetics

Corp.*

4,678

395,759

Heska

Corp.*(a)

899

80,407

Inari

Medical,

Inc.*

4,545

259,292

Inogen,

Inc.*

2,031

47,383

80

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Inspire

Medical

Systems,

Inc.*(a)

2,625

664,283

Integer

Holdings

Corp.*(a)

3,038

199,931

iRadimed

Corp.

736

27,526

iRhythm

Technologies,

Inc.*

2,791

274,355

Lantheus

Holdings,

Inc.*(a)

6,288

361,560

LeMaitre

Vascular,

Inc.

1,747

82,423

LivaNova

plc*

4,940

277,628

Meridian

Bioscience,

Inc.*∞

4,041

137,394

Merit

Medical

Systems,

Inc.*

5,183

369,807

Mesa

Laboratories,

Inc.(a)

476

92,601

Nano-X

Imaging

Ltd.*

4,125

38,032

Neogen

Corp.*

20,036

428,971

Nevro

Corp.*(a)

3,243

119,083

NuVasive,

Inc.*

4,820

219,792

Omnicell,

Inc.*

4,099

227,372

OraSure

Technologies,

Inc.*

6,842

38,178

Orthofix

Medical,

Inc.*

3,217

69,584

OrthoPediatrics

Corp.*

1,320

62,212

Outset

Medical,

Inc.*

4,481

126,006

Paragon

28,

Inc.*(a)

4,131

69,607

PROCEPT

BioRobotics

Corp.*(a)

2,367

92,053

Pulmonx

Corp.*

3,424

30,439

RxSight,

Inc.*(a)

1,650

23,100

Senseonics

Holdings,

Inc.*(a)

41,335

46,709

Shockwave

Medical,

Inc.*

3,306

621,297

SI-BONE,

Inc.*

2,966

50,511

Sight

Sciences,

Inc.*

2,106

24,240

Silk

Road

Medical,

Inc.*

3,484

189,390

STAAR

Surgical

Co.*

4,413

311,337

Surmodics,

Inc.*

1,282

36,037

Tactile

Systems

Technology,

Inc.*

1,898

24,617

TransMedics

Group,

Inc.*(a)

2,811

177,149

Treace

Medical

Concepts,

Inc.*

3,018

69,686

UFP

Technologies,

Inc.*

662

75,289

Utah

Medical

Products,

Inc.

343

31,601

Varex

Imaging

Corp.*(a)

3,650

78,439

Vicarious

Surgical,

Inc.*(a)

4,621

12,523

ViewRay,

Inc.*

13,646

62,635

Zimvie,

Inc.*

1,801

17,668

Zynex,

Inc.*(a)

2,132

30,125

8,507,742

Health

Care

Providers

&

Services

2.6%

1Life

Healthcare,

Inc.*

16,659

266,377

23andMe

Holding

Co.*(a)

23,552

58,880

Accolade,

Inc.*(a)

6,263

73,089

AdaptHealth

Corp.*(a)

6,854

146,881

Addus

HomeCare

Corp.*

1,406

151,173

Agiliti,

Inc.*

2,715

50,092

AirSculpt

Technologies,

Inc.(a)

628

3,655

Alignment

Healthcare,

Inc.*

9,101

112,397

AMN

Healthcare

Services,

Inc.*

3,994

382,785

Apollo

Medical

Holdings,

Inc.*(a)

3,682

131,227

ATI

Physical

Therapy,

Inc.*(a)

7,024

3,091

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Aveanna

Healthcare

Holdings,

Inc.*

3,656

4,460

Brookdale

Senior

Living,

Inc.*

17,843

51,388

Cano

Health,

Inc.*

14,888

20,545

CareMax,

Inc.*

5,324

24,970

Castle

Biosciences,

Inc.*

2,173

58,845

Clover

Health

Investments

Corp.*(a)

35,536

47,263

Community

Health

Systems,

Inc.*

11,774

61,460

CorVel

Corp.*

840

149,654

Cross

Country

Healthcare,

Inc.*

3,257

90,382

DocGo,

Inc.*(a)

7,139

71,390

Ensign

Group,

Inc.

(The)(a)

4,962

462,707

Fulgent

Genetics,

Inc.*(a)

1,996

67,425

GeneDx

Holdings

Corp.*(a)

13,635

5,792

HealthEquity,

Inc.*

7,757

472,013

Hims

&

Hers

Health,

Inc.*

11,292

93,498

Innovage

Holding

Corp.*(a)

1,737

13,010

Invitae

Corp.*(a)

23,114

54,549

Joint

Corp.

(The)*

1,297

23,567

LHC

Group,

Inc.*

2,751

436,309

LifeStance

Health

Group,

Inc.*

6,778

35,788

ModivCare,

Inc.*

1,193

127,961

National

HealthCare

Corp.

1,187

70,674

National

Research

Corp.

1,343

62,342

Oncology

Institute,

Inc.

(The)*

2,794

4,135

OPKO

Health,

Inc.*(a)

38,556

49,737

Option

Care

Health,

Inc.*

14,502

418,673

Owens

&

Minor,

Inc.*

6,879

135,792

P3

Health

Partners,

Inc.*(a)

2,825

3,644

Patterson

Cos.,

Inc.

8,078

243,875

Pediatrix

Medical

Group,

Inc.*(a)

7,429

114,035

Pennant

Group,

Inc.

(The)*

2,429

31,431

PetIQ,

Inc.*

2,580

30,547

Privia

Health

Group,

Inc.*

4,332

117,137

Progyny,

Inc.*

7,025

241,590

R1

RCM,

Inc.*(a)

13,920

199,195

RadNet,

Inc.*

4,586

96,535

Select

Medical

Holdings

Corp.

9,795

284,741

Surgery

Partners,

Inc.*

4,635

153,882

US

Physical

Therapy,

Inc.(a)

1,220

120,963

6,131,551

Health

Care

Technology

0.6%

American

Well

Corp.,

Class

A*(a)

20,561

81,627

Babylon

Holdings

Ltd.,

Class

A*

433

5,014

Computer

Programs

&

Systems,

Inc.*

1,315

38,635

Evolent

Health,

Inc.,

Class

A*

7,624

245,645

Health

Catalyst,

Inc.*

4,999

69,486

HealthStream,

Inc.*

2,134

51,600

Multiplan

Corp.*(a)

34,565

45,626

NextGen

Healthcare,

Inc.*(a)

5,322

101,224

Nutex

Health,

Inc.*(a)

23,011

30,835

OptimizeRx

Corp.*

1,677

30,102

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Health

Care

Technology

Pear

Therapeutics,

Inc.*(a)

5,299

5,776

Phreesia,

Inc.*

4,736

177,553

Schrodinger,

Inc.*(a)

5,226

126,365

Sharecare,

Inc.*(a)

26,522

67,366

Simulations

Plus,

Inc.(a)

1,449

59,612

Veradigm,

Inc.*

9,907

177,434

1,313,900

Hotels,

Restaurants

&

Leisure

2.5%

Accel

Entertainment,

Inc.*

5,387

49,668

Bally's

Corp.*

3,276

65,094

Biglari

Holdings,

Inc.,

Class

B*

64

10,436

BJ's

Restaurants,

Inc.*

2,108

66,550

Bloomin'

Brands,

Inc.(a)

8,254

200,159

Bluegreen

Vacations

Holding

Corp.

673

21,832

Bowlero

Corp.*(a)

2,764

38,005

Brinker

International,

Inc.*

3,991

157,485

Century

Casinos,

Inc.*

2,834

24,996

Cheesecake

Factory,

Inc.

(The)

4,433

173,995

Chuy's

Holdings,

Inc.*

1,758

60,176

Cracker

Barrel

Old

Country

Store,

Inc.(a)

2,049

228,627

Dave

&

Buster's

Entertainment,

Inc.*

4,096

177,562

Denny's

Corp.*

5,442

65,413

Dine

Brands

Global,

Inc.

1,357

104,910

El

Pollo

Loco

Holdings,

Inc.

1,956

24,000

Everi

Holdings,

Inc.*

8,172

141,948

F45

Training

Holdings,

Inc.*(a)

2,992

9,275

First

Watch

Restaurant

Group,

Inc.*

1,482

24,008

Full

House

Resorts,

Inc.*

3,100

27,342

Golden

Entertainment,

Inc.*

1,800

71,100

Hilton

Grand

Vacations,

Inc.*

7,956

376,796

Inspirato,

Inc.*

1,634

2,043

Inspired

Entertainment,

Inc.*

1,845

27,491

International

Game

Technology

plc

9,197

243,261

Jack

in

the

Box,

Inc.

1,996

151,656

Krispy

Kreme,

Inc.

6,508

79,398

Kura

Sushi

USA,

Inc.,

Class

A*

469

29,144

Life

Time

Group

Holdings,

Inc.*

3,680

69,147

Light

&

Wonder,

Inc.*

8,759

571,525

Lindblad

Expeditions

Holdings,

Inc.*(a)

2,806

33,391

Monarch

Casino

&

Resort,

Inc.*

1,231

94,319

NEOGAMES

SA*

1,138

14,680

Noodles

&

Co.,

Class

A*

3,955

24,877

ONE

Group

Hospitality,

Inc.

(The)*

1,852

13,946

Papa

John's

International,

Inc.

(a)

3,031

271,850

Portillo's,

Inc.,

Class

A*

2,579

58,182

RCI

Hospitality

Holdings,

Inc.

786

71,361

Red

Rock

Resorts,

Inc.,

Class

A

4,695

211,322

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Rush

Street

Interactive,

Inc.*

4,959

21,274

Ruth's

Hospitality

Group,

Inc.

3,016

52,207

SeaWorld

Entertainment,

Inc.*(a)

3,716

231,841

Shake

Shack,

Inc.,

Class

A*

3,530

200,786

Sonder

Holdings,

Inc.*

16,748

22,442

Sweetgreen,

Inc.,

Class

A*(a)

8,033

83,302

Target

Hospitality

Corp.*

2,500

38,388

Texas

Roadhouse,

Inc.

6,243

626,984

Vacasa,

Inc.,

Class

A*(a)

9,854

17,245

Wingstop,

Inc.

2,765

438,170

Xponential

Fitness,

Inc.,

Class

A*

1,758

48,310

5,867,919

Household

Durables

1.7%

Aterian,

Inc.*

6,464

9,890

Beazer

Homes

USA,

Inc.*

2,713

44,412

Cavco

Industries,

Inc.*

838

222,992

Century

Communities,

Inc.

2,592

158,630

Dream

Finders

Homes,

Inc.,

Class

A*(a)

1,888

23,864

Ethan

Allen

Interiors,

Inc.

2,037

58,543

GoPro,

Inc.,

Class

A*

12,312

75,719

Green

Brick

Partners,

Inc.*

2,536

79,123

Helen

of

Troy

Ltd.*

2,232

252,462

Hovnanian

Enterprises,

Inc.,

Class

A*

485

28,072

Installed

Building

Products,

Inc.

2,186

240,657

iRobot

Corp.*

2,430

109,350

KB

Home

7,122

273,841

Landsea

Homes

Corp.*

1,027

6,809

La-Z-Boy,

Inc.

3,962

112,640

Legacy

Housing

Corp.*

917

18,358

LGI

Homes,

Inc.*

1,887

214,835

Lifetime

Brands,

Inc.

1,270

10,173

Lovesac

Co.

(The)*

1,259

32,407

M/I

Homes,

Inc.*

2,420

144,716

MDC

Holdings,

Inc.

5,412

204,357

Meritage

Homes

Corp.*

3,267

351,823

Purple

Innovation,

Inc.*(a)

5,433

31,511

Skyline

Champion

Corp.*

4,982

293,689

Snap

One

Holdings

Corp.*

1,826

17,511

Sonos,

Inc.*

12,021

221,667

Taylor

Morrison

Home

Corp.,

Class

A*

9,676

346,401

Traeger,

Inc.*

3,642

13,221

Tri

Pointe

Homes,

Inc.*

9,370

206,983

Tupperware

Brands

Corp.*

4,258

18,863

Universal

Electronics,

Inc.*

1,214

28,444

Vizio

Holding

Corp.,

Class

A*(a)

6,011

52,656

Vuzix

Corp.*(a)

5,561

28,973

Weber,

Inc.,

Class

A(a)

2,543

20,751

3,954,343

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

924

38,753

Central

Garden

&

Pet

Co.,

Class

A*

3,753

148,731

82

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Household

Products

Energizer

Holdings,

Inc.

6,082

225,642

WD-40

Co.

1,274

222,364

635,490

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Altus

Power,

Inc.*(a)

3,630

29,113

Clearway

Energy,

Inc.,

Class

A

3,334

106,855

Clearway

Energy,

Inc.,

Class

C

7,542

254,844

Montauk

Renewables,

Inc.*

5,829

64,760

Ormat

Technologies,

Inc.(a)

4,617

427,303

Sunnova

Energy

International,

Inc.*(a)

9,064

176,567

1,059,442

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A

2,500

56,625

Insurance

2.1%

Ambac

Financial

Group,

Inc.*

4,156

69,239

American

Equity

Investment

Life

Holding

Co.

6,560

312,584

AMERISAFE,

Inc.

1,841

101,402

Argo

Group

International

Holdings

Ltd.

3,004

83,391

Bright

Health

Group,

Inc.*(a)

17,380

15,411

BRP

Group,

Inc.,

Class

A*(a)

5,681

162,761

CNO

Financial

Group,

Inc.

10,636

273,983

Crawford

&

Co.,

Class

A

1,679

10,863

Donegal

Group,

Inc.,

Class

A

1,195

18,140

eHealth,

Inc.*

2,314

19,206

Employers

Holdings,

Inc.

2,166

95,022

Enstar

Group

Ltd.*

1,035

250,781

Genworth

Financial,

Inc.,

Class

A*

45,661

252,049

Goosehead

Insurance,

Inc.,

Class

A*

1,866

72,867

Greenlight

Capital

Re

Ltd.,

Class

A*

2,858

28,151

HCI

Group,

Inc.(a)

668

33,540

Hippo

Holdings,

Inc.*(a)

1,400

23,492

Horace

Mann

Educators

Corp.

3,716

132,327

Investors

Title

Co.

135

21,870

James

River

Group

Holdings

Ltd.

2,974

67,391

Kinsale

Capital

Group,

Inc.

2,026

564,119

Lemonade,

Inc.*(a)

4,382

71,339

MBIA,

Inc.*

4,444

57,817

Mercury

General

Corp.

2,549

91,076

National

Western

Life

Group,

Inc.,

Class

A

218

60,342

NI

Holdings,

Inc.*

857

11,355

Oscar

Health,

Inc.,

Class

A*

10,713

41,138

Palomar

Holdings,

Inc.*

2,301

117,604

ProAssurance

Corp.

5,093

98,753

RLI

Corp.

3,624

479,999

Root,

Inc.,

Class

A*(a)

658

3,869

Safety

Insurance

Group,

Inc.

1,191

100,509

Selective

Insurance

Group,

Inc.

5,528

525,160

Common

Stocks

Shares

Value

($)

Insurance

Selectquote,

Inc.*

12,915

11,135

SiriusPoint

Ltd.*

8,441

64,067

Stewart

Information

Services

Corp.

2,529

120,810

Tiptree,

Inc.

2,044

30,681

Trean

Insurance

Group,

Inc.*

1,839

11,200

Trupanion,

Inc.*(a)

3,669

216,544

United

Fire

Group,

Inc.(a)

1,888

59,453

Universal

Insurance

Holdings,

Inc.

2,267

28,882

4,810,322

Interactive

Media

&

Services

0.8%

Arena

Group

Holdings,

Inc.

(The)*(a)

1,065

9,521

Bumble,

Inc.,

Class

A*(a)

7,918

203,888

Cargurus,

Inc.*(a)

9,550

168,557

Cars.com,

Inc.*(a)

6,070

103,797

DHI

Group,

Inc.*

3,527

20,950

Eventbrite,

Inc.,

Class

A*(a)

7,312

65,004

EverQuote,

Inc.,

Class

A*

1,856

28,954

fuboTV,

Inc.*(a)

17,173

44,135

Leafly

Holdings,

Inc.*

1,709

1,093

MediaAlpha,

Inc.,

Class

A*

2,082

29,044

Outbrain,

Inc.*

4,543

22,352

QuinStreet,

Inc.*

4,917

75,378

Shutterstock,

Inc.(a)

2,240

168,605

TrueCar,

Inc.*

8,503

26,529

Vimeo,

Inc.*

12,941

58,752

Vinco

Ventures,

Inc.*

19,867

14,680

Wejo

Group

Ltd.*

2,089

1,838

Yelp,

Inc.*

6,280

197,883

Ziff

Davis,

Inc.*

4,234

378,858

ZipRecruiter,

Inc.,

Class

A*

6,825

134,043

1,753,861

Internet

&

Direct

Marketing

Retail

0.4%

1-800-Flowers.com,

Inc.,

Class

A*

2,631

26,231

1stdibs.com,

Inc.*

2,086

12,662

aka

Brands

Holding

Corp.*(a)

912

1,386

BARK,

Inc.*(a)

10,233

20,568

Boxed,

Inc.*

3,257

1,744

CarParts.com,

Inc.*

4,490

30,622

ContextLogic,

Inc.,

Class

A*(a)

53,333

36,688

Duluth

Holdings,

Inc.,

Class

B*(a)

1,128

7,501

Groupon,

Inc.*(a)

2,102

17,363

Lands'

End,

Inc.*

1,408

12,714

Liquidity

Services,

Inc.*

2,163

32,423

Lulu's

Fashion

Lounge

Holdings,

Inc.*(a)

1,004

3,243

Overstock.com,

Inc.*

4,047

97,978

PetMed

Express,

Inc.(a)

1,978

42,487

Porch

Group,

Inc.*(a)

7,274

21,458

Quotient

Technology,

Inc.*

8,964

36,304

Qurate

Retail,

Inc.,

Series

A*

33,388

86,141

RealReal,

Inc.

(The)*

7,451

13,635

Rent

the

Runway,

Inc.,

Class

A*(a)

5,433

23,308

Revolve

Group,

Inc.*

3,865

110,307

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

RumbleON,

Inc.,

Class

B*

844

7,098

Stitch

Fix,

Inc.,

Class

A*

7,702

40,127

ThredUp,

Inc.,

Class

A*(a)

5,220

9,031

Vivid

Seats,

Inc.,

Class

A*

2,123

18,067

Xometry,

Inc.,

Class

A*(a)

3,128

109,543

818,629

IT

Services

2.0%

AvidXchange

Holdings,

Inc.*(a)

13,592

151,143

BigCommerce

Holdings,

Inc.,

Series

1*

5,960

73,070

Brightcove,

Inc.*

4,060

25,740

Cantaloupe,

Inc.*

5,521

28,102

Cass

Information

Systems,

Inc.

1,255

60,943

Cerberus

Cyber

Sentinel

Corp.*(a)

4,190

5,992

Conduent,

Inc.*

16,082

76,711

CSG

Systems

International,

Inc.

2,926

174,594

Cyxtera

Technologies,

Inc.*(a)

3,553

11,441

DigitalOcean

Holdings,

Inc.*(a)

6,630

194,590

Edgio,

Inc.*

12,615

19,806

EVERTEC,

Inc.

5,730

211,666

Evo

Payments,

Inc.,

Class

A*

4,434

150,180

ExlService

Holdings,

Inc.*

3,008

513,165

Fastly,

Inc.,

Class

A*

10,890

112,711

Flywire

Corp.*

5,301

142,968

Grid

Dynamics

Holdings,

Inc.*

4,709

58,957

Hackett

Group,

Inc.

(The)

2,349

51,913

I3

Verticals,

Inc.,

Class

A*

2,003

57,927

IBEX

Holdings

Ltd.*

805

21,485

Information

Services

Group,

Inc.

2,880

15,091

International

Money

Express,

Inc.*

2,890

65,776

Marqeta,

Inc.,

Class

A*

40,118

265,982

Maximus,

Inc.

5,644

422,453

MoneyGram

International,

Inc.*

8,949

96,381

Paya

Holdings,

Inc.*

7,790

75,719

Payoneer

Global,

Inc.*

19,855

118,336

Paysafe

Ltd.*

2,572

54,115

Perficient,

Inc.*(a)

3,167

234,801

PFSweb,

Inc.

1,457

9,704

Priority

Technology

Holdings,

Inc.*(a)

1,943

9,346

Rackspace

Technology,

Inc.*(a)

5,096

15,288

Remitly

Global,

Inc.*

9,071

109,396

Repay

Holdings

Corp.*

8,284

80,686

Sabre

Corp.*(a)

30,057

204,688

Squarespace,

Inc.,

Class

A*

2,865

67,958

StoneCo

Ltd.,

Class

A*

25,576

285,428

TTEC

Holdings,

Inc.

1,752

89,072

Tucows,

Inc.,

Class

A*(a)

959

31,810

Unisys

Corp.*

6,278

33,964

Verra

Mobility

Corp.*(a)

13,072

201,701

4,630,799

Common

Stocks

Shares

Value

($)

Leisure

Products

0.4%

Acushnet

Holdings

Corp.

3,093

145,216

AMMO,

Inc.*(a)

8,211

20,363

Clarus

Corp.

2,530

25,427

Johnson

Outdoors,

Inc.,

Class

A

496

33,956

Latham

Group,

Inc.*

4,039

17,772

Malibu

Boats,

Inc.,

Class

A*(a)

1,910

115,727

Marine

Products

Corp.

694

9,230

MasterCraft

Boat

Holdings,

Inc.*

1,622

46,649

Smith

&

Wesson

Brands,

Inc.

4,217

46,724

Solo

Brands,

Inc.,

Class

A*(a)

1,108

4,897

Sturm

Ruger

&

Co.,

Inc.

1,579

89,845

Topgolf

Callaway

Brands

Corp.*(a)

12,914

316,264

Vista

Outdoor,

Inc.*

5,176

151,916

1,023,986

Life

Sciences

Tools

&

Services

0.8%

AbCellera

Biologics,

Inc.*

18,962

199,670

Adaptive

Biotechnologies

Corp.*(a)

10,111

93,729

Akoya

Biosciences,

Inc.*(a)

1,283

14,434

Alpha

Teknova,

Inc.*

657

3,916

Berkeley

Lights,

Inc.*

4,899

10,533

BioLife

Solutions,

Inc.*(a)

3,062

71,773

Bionano

Genomics,

Inc.*(a)

27,903

50,504

Codexis,

Inc.*

5,840

35,916

CryoPort,

Inc.*(a)

4,283

97,781

Cytek

Biosciences,

Inc.*(a)

10,410

125,440

Inotiv,

Inc.*(a)

1,739

12,608

MaxCyte,

Inc.*

8,706

50,843

Medpace

Holdings,

Inc.*

2,352

519,957

NanoString

Technologies,

Inc.*

4,336

45,875

Nautilus

Biotechnology,

Inc.*(a)

4,017

7,873

NeoGenomics,

Inc.*

11,617

138,010

Pacific

Biosciences

of

California,

Inc.*(a)

20,740

230,007

Quanterix

Corp.*

2,924

41,316

Quantum-Si,

Inc.*(a)

8,046

17,862

Science

37

Holdings,

Inc.*

5,281

2,851

Seer,

Inc.*

5,351

24,347

Singular

Genomics

Systems,

Inc.*(a)

4,442

11,882

SomaLogic,

Inc.*(a)

13,221

46,009

1,853,136

Machinery

4.0%

3D

Systems

Corp.*(a)

11,875

128,962

Alamo

Group,

Inc.(a)

951

148,803

Albany

International

Corp.,

Class

A

2,862

320,973

Altra

Industrial

Motion

Corp.

6,023

367,825

Astec

Industries,

Inc.

2,172

95,872

Barnes

Group,

Inc.(a)

4,529

200,454

Berkshire

Grey,

Inc.*(a)

5,999

6,779

Blue

Bird

Corp.*

1,550

22,475

Chart

Industries,

Inc.*(a)

3,957

530,159

CIRCOR

International,

Inc.*

1,745

48,249

Columbus

McKinnon

Corp.

2,638

94,836

84

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Machinery

Desktop

Metal,

Inc.,

Class

A*(a)

24,223

40,695

Douglas

Dynamics,

Inc.

2,141

86,518

Energy

Recovery,

Inc.*

5,000

110,650

Enerpac

Tool

Group

Corp.

5,248

139,282

EnPro

Industries,

Inc.(a)

1,956

236,813

ESCO

Technologies,

Inc.

2,424

238,619

Evoqua

Water

Technologies

Corp.*

10,913

529,390

Federal

Signal

Corp.

5,556

295,857

Franklin

Electric

Co.,

Inc.

4,288

387,206

Gorman-Rupp

Co.

(The)

2,152

61,827

Greenbrier

Cos.,

Inc.

(The)(a)

2,954

91,338

Helios

Technologies,

Inc.

2,956

195,096

Hillenbrand,

Inc.

6,473

303,325

Hillman

Solutions

Corp.*

12,720

122,112

Hydrofarm

Holdings

Group,

Inc.*(a)

3,672

6,867

Hyliion

Holdings

Corp.*

13,719

49,114

Hyster-Yale

Materials

Handling,

Inc.

947

30,711

Hyzon

Motors,

Inc.*

7,810

16,635

John

Bean

Technologies

Corp.

(a)

2,911

325,246

Kadant,

Inc.

1,086

221,294

Kennametal,

Inc.

7,334

209,019

Lightning

eMotors,

Inc.*(a)

3,334

2,896

Lindsay

Corp.

1,033

161,788

Luxfer

Holdings

plc

2,323

38,446

Manitowoc

Co.,

Inc.

(The)*

3,253

44,566

Markforged

Holding

Corp.*

9,255

12,402

Microvast

Holdings,

Inc.*

15,342

25,007

Miller

Industries,

Inc.

1,051

30,489

Mueller

Industries,

Inc.(a)

5,158

338,107

Mueller

Water

Products,

Inc.,

Class

A

14,080

178,112

Nikola

Corp.*(a)

31,374

85,024

Omega

Flex,

Inc.(a)

304

32,315

Proterra,

Inc.*

19,939

101,689

Proto

Labs,

Inc.*

2,404

73,562

RBC

Bearings,

Inc.*(a)

2,649

646,276

REV

Group,

Inc.

2,872

36,790

Sarcos

Technology

and

Robotics

Corp.*

9,490

5,694

Shyft

Group,

Inc.

(The)(a)

3,333

110,956

SPX

Technologies,

Inc.*

4,054

304,091

Standex

International

Corp.

1,141

131,865

Tennant

Co.

1,729

121,255

Terex

Corp.

6,180

314,995

Titan

International,

Inc.*

4,784

79,845

Trinity

Industries,

Inc.

7,711

221,845

Velo3D,

Inc.*(a)

6,180

14,832

Wabash

National

Corp.

4,291

110,536

Watts

Water

Technologies,

Inc.,

Class

A

2,544

415,995

Xos,

Inc.*(a)

5,663

5,362

9,307,741

Marine

0.2%

Costamare,

Inc.(a)

5,014

50,892

Common

Stocks

Shares

Value

($)

Marine

Eagle

Bulk

Shipping,

Inc.(a)

1,217

69,710

Eneti,

Inc.

1,940

20,545

Genco

Shipping

&

Trading

Ltd.

3,520

63,853

Golden

Ocean

Group

Ltd.(a)

11,257

107,842

Matson,

Inc.

3,445

227,783

Safe

Bulkers,

Inc.

5,545

18,243

558,868

Media

0.8%

AdTheorent

Holding

Co.,

Inc.*

2,218

3,859

Advantage

Solutions,

Inc.*(a)

7,239

18,749

AMC

Networks,

Inc.,

Class

A*

2,777

51,402

Audacy,

Inc.*(a)

12,043

3,868

Boston

Omaha

Corp.,

Class

A*

1,949

51,551

Cardlytics,

Inc.*(a)

3,087

23,153

Clear

Channel

Outdoor

Holdings,

Inc.*

34,415

65,733

Cumulus

Media,

Inc.,

Class

A*

1,564

10,479

Daily

Journal

Corp.*

102

31,212

Entravision

Communications

Corp.,

Class

A

5,926

38,519

EW

Scripps

Co.

(The),

Class

A*

5,372

80,311

Gambling.com

Group

Ltd.*

980

9,379

Gannett

Co.,

Inc.*

13,690

30,939

Gray

Television,

Inc.

7,380

95,645

iHeartMedia,

Inc.,

Class

A*

11,520

89,280

Innovid

Corp.*

6,608

14,868

Integral

Ad

Science

Holding

Corp.*

3,741

38,457

John

Wiley

&

Sons,

Inc.,

Class

A

3,932

180,086

Loyalty

Ventures,

Inc.*

2,794

5,169

Magnite,

Inc.*

12,419

150,022

PubMatic,

Inc.,

Class

A*

3,896

59,726

Scholastic

Corp.

2,705

119,669

Sinclair

Broadcast

Group,

Inc.,

Class

A

3,743

77,218

Stagwell,

Inc.*

7,598

53,338

TechTarget,

Inc.*

2,517

124,667

TEGNA,

Inc.

20,509

408,744

Thryv

Holdings,

Inc.*(a)

2,441

54,605

Urban

One,

Inc.*

880

5,196

WideOpenWest,

Inc.*(a)

4,967

57,071

1,952,915

Metals

&

Mining

1.7%

5E

Advanced

Materials,

Inc.*(a)

3,697

36,415

Alpha

Metallurgical

Resources,

Inc.

1,414

227,555

Arconic

Corp.*

9,305

218,761

ATI,

Inc.*(a)

11,426

415,792

Carpenter

Technology

Corp.

4,515

218,029

Century

Aluminum

Co.*

4,849

54,503

Coeur

Mining,

Inc.*

25,740

100,129

Commercial

Metals

Co.

10,780

585,031

Compass

Minerals

International,

Inc.

3,122

145,672

Constellium

SE*

11,885

172,689

Dakota

Gold

Corp.*(a)

4,450

15,619

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Haynes

International,

Inc.

1,103

61,426

Hecla

Mining

Co.

51,169

315,713

Hycroft

Mining

Holding

Corp.*

11,767

7,047

Ivanhoe

Electric,

Inc.*(a)

1,532

20,299

Kaiser

Aluminum

Corp.

1,498

131,105

Materion

Corp.(a)

1,854

167,323

Novagold

Resources,

Inc.*

22,478

141,836

Olympic

Steel,

Inc.(a)

906

40,081

Piedmont

Lithium,

Inc.*(a)

1,573

107,971

PolyMet

Mining

Corp.*

2,809

7,360

Ramaco

Resources,

Inc.

2,232

23,280

Ryerson

Holding

Corp.

1,804

68,859

Schnitzer

Steel

Industries,

Inc.,

Class

A

2,434

82,367

SunCoke

Energy,

Inc.

7,952

72,443

TimkenSteel

Corp.*

3,941

77,519

Warrior

Met

Coal,

Inc.

4,802

181,900

Worthington

Industries,

Inc.

2,940

167,198

3,863,922

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.3%

AFC

Gamma,

Inc.

1,587

24,916

Angel

Oak

Mortgage,

Inc.

1,273

10,069

Apollo

Commercial

Real

Estate

Finance,

Inc.

13,299

161,849

Arbor

Realty

Trust,

Inc.

15,229

227,369

Ares

Commercial

Real

Estate

Corp.

4,706

57,790

ARMOUR

Residential

REIT,

Inc.

11,898

74,719

Blackstone

Mortgage

Trust,

Inc.,

Class

A

15,781

376,219

BrightSpire

Capital,

Inc.

8,545

65,113

Broadmark

Realty

Capital,

Inc.

12,497

54,737

Chicago

Atlantic

Real

Estate

Finance,

Inc.

367

5,670

Chimera

Investment

Corp.

22,009

160,446

Claros

Mortgage

Trust,

Inc.(a)

8,481

141,972

Dynex

Capital,

Inc.

3,915

56,415

Ellington

Financial,

Inc.

5,150

70,710

Franklin

BSP

Realty

Trust,

Inc.

7,881

114,274

Granite

Point

Mortgage

Trust,

Inc.

4,847

32,378

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

8,047

297,015

Invesco

Mortgage

Capital,

Inc.

3,292

48,359

KKR

Real

Estate

Finance

Trust,

Inc.

5,033

80,176

Ladder

Capital

Corp.

10,393

116,402

MFA

Financial,

Inc.

9,358

111,267

New

York

Mortgage

Trust,

Inc.

34,445

107,468

Nexpoint

Real

Estate

Finance,

Inc.

601

11,449

Orchid

Island

Capital,

Inc.

3,363

40,995

PennyMac

Mortgage

Investment

Trust

8,216

125,294

Ready

Capital

Corp.

6,592

87,212

Redwood

Trust,

Inc.

10,844

90,656

TPG

RE

Finance

Trust,

Inc.

6,823

59,428

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Two

Harbors

Investment

Corp.

7,819

140,273

2,950,640

Multiline

Retail

0.1%

Big

Lots,

Inc.(a)

2,797

45,759

Dillard's,

Inc.,

Class

A(a)

362

142,378

Franchise

Group,

Inc.(a)

2,394

73,951

262,088

Multi-Utilities

0.5%

Avista

Corp.(a)

6,464

257,913

Black

Hills

Corp.

6,098

441,373

NorthWestern

Corp.

5,310

301,608

Unitil

Corp.

1,492

77,838

1,078,732

Oil,

Gas

&

Consumable

Fuels

4.4%

Aemetis,

Inc.*(a)

2,904

13,562

Alto

Ingredients,

Inc.*

6,777

22,974

Amplify

Energy

Corp.*(a)

3,841

33,263

Arch

Resources,

Inc.

1,371

202,935

Ardmore

Shipping

Corp.*

3,769

55,216

Berry

Corp.

7,643

70,316

California

Resources

Corp.(a)

6,824

291,590

Callon

Petroleum

Co.*

4,547

193,475

Centrus

Energy

Corp.,

Class

A*

895

36,740

Chord

Energy

Corp.

3,873

555,117

Civitas

Resources,

Inc.

6,804

452,806

Clean

Energy

Fuels

Corp.*

16,347

92,524

CNX

Resources

Corp.*(a)

16,431

274,891

Comstock

Resources,

Inc.(a)

8,572

104,150

CONSOL

Energy,

Inc.

3,223

186,386

Crescent

Energy

Co.,

Class

A(a)

3,269

39,424

CVR

Energy,

Inc.

2,830

93,956

Delek

US

Holdings,

Inc.

6,706

179,453

Denbury,

Inc.*

4,614

400,403

DHT

Holdings,

Inc.

12,488

107,022

Dorian

LPG

Ltd.

2,831

56,195

Earthstone

Energy,

Inc.,

Class

A*(a)

3,854

53,571

Empire

Petroleum

Corp.*

977

12,887

Energy

Fuels,

Inc.*(a)

14,527

107,064

Equitrans

Midstream

Corp.

37,851

274,420

Excelerate

Energy,

Inc.,

Class

A

1,744

40,635

FLEX

LNG

Ltd.(a)

2,646

82,291

Frontline

plc(a)

11,763

162,682

Gevo,

Inc.*(a)

19,704

41,772

Golar

LNG

Ltd.*

9,354

219,258

Green

Plains,

Inc.*

3,466

120,513

Gulfport

Energy

Corp.*

1,052

71,694

HighPeak

Energy,

Inc.(a)

570

15,937

International

Seaways,

Inc.

4,517

175,440

Kinetik

Holdings,

Inc.

1,598

50,001

Kosmos

Energy

Ltd.*

42,584

336,839

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

16,102

380,168

Matador

Resources

Co.(a)

10,488

693,886

Murphy

Oil

Corp.

13,677

596,454

86

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

NACCO

Industries,

Inc.,

Class

A

402

15,666

NextDecade

Corp.*(a)

3,069

18,383

Nordic

American

Tankers

Ltd.

19,617

59,636

Northern

Oil

and

Gas,

Inc.

6,134

205,612

Par

Pacific

Holdings,

Inc.*

4,724

126,273

PBF

Energy,

Inc.,

Class

A(a)

9,085

381,479

Peabody

Energy

Corp.*(a)

10,933

304,921

Permian

Resources

Corp.(a)

19,226

208,987

Petrocorp,

Inc.*^∞

1,500

0

Ranger

Oil

Corp.

1,771

74,382

REX

American

Resources

Corp.*

1,626

53,203

Riley

Exploration

Permian,

Inc.

(a)

998

33,124

Ring

Energy,

Inc.*(a)

8,832

20,844

SandRidge

Energy,

Inc.*(a)

1,979

31,288

Scorpio

Tankers,

Inc.

4,374

209,383

SFL

Corp.

Ltd.

10,335

105,210

SilverBow

Resources,

Inc.*(a)

1,115

29,291

Sitio

Royalties

Corp.(a)

6,739

179,055

SM

Energy

Co.

11,208

368,407

Talos

Energy,

Inc.*

6,227

123,357

Teekay

Corp.*

6,581

31,984

Teekay

Tankers

Ltd.,

Class

A*

2,057

63,129

Tellurian,

Inc.*(a)

47,968

95,456

Uranium

Energy

Corp.*(a)

32,769

132,059

Ur-Energy,

Inc.*

17,145

22,460

VAALCO

Energy,

Inc.(a)

10,190

47,383

Vertex

Energy,

Inc.*(a)

5,055

36,800

Vital

Energy,

Inc.*(a)

1,591

89,541

W&T

Offshore,

Inc.*

9,007

56,024

World

Fuel

Services

Corp.

5,765

163,149

10,184,396

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

1,580

61,004

Glatfelter

Corp.

4,694

20,560

Resolute

Forest

Products,

Inc.*

4,310

93,570

Sylvamo

Corp.

3,329

158,227

333,361

Personal

Products

0.7%

Beauty

Health

Co.

(The)*(a)

9,135

104,139

BellRing

Brands,

Inc.*

12,088

342,816

Edgewell

Personal

Care

Co.(a)

4,855

208,085

elf

Beauty,

Inc.*

4,619

265,824

Herbalife

Nutrition

Ltd.*(a)

9,230

162,171

Honest

Co.,

Inc.

(The)*(a)

5,298

17,483

Inter

Parfums,

Inc.

1,638

193,644

Medifast,

Inc.

1,025

114,236

Nature's

Sunshine

Products,

Inc.*

1,134

11,975

Nu

Skin

Enterprises,

Inc.,

Class

A(a)

4,512

193,475

Thorne

HealthTech,

Inc.*(a)

1,655

7,630

USANA

Health

Sciences,

Inc.*

1,073

62,706

Veru,

Inc.*(a)

6,178

35,585

1,719,769

Common

Stocks

Shares

Value

($)

Pharmaceuticals

1.7%

Aclaris

Therapeutics,

Inc.*

5,830

98,527

Amneal

Pharmaceuticals,

Inc.*(a)

10,204

22,449

Amphastar

Pharmaceuticals,

Inc.*

3,633

109,935

Amylyx

Pharmaceuticals,

Inc.*(a)

4,677

183,292

AN2

Therapeutics,

Inc.*(a)

990

12,038

ANI

Pharmaceuticals,

Inc.*

1,211

54,168

Arvinas,

Inc.*(a)

4,524

148,251

Atea

Pharmaceuticals,

Inc.*

7,410

34,308

Athira

Pharma,

Inc.*

3,056

12,346

Axsome

Therapeutics,

Inc.*(a)

2,978

223,350

Cara

Therapeutics,

Inc.*(a)

4,282

50,014

Cassava

Sciences,

Inc.*(a)

3,475

97,300

CinCor

Pharma,

Inc.*

2,334

67,523

Collegium

Pharmaceutical,

Inc.*

3,002

84,296

Corcept

Therapeutics,

Inc.*(a)

8,012

183,154

DICE

Therapeutics,

Inc.*

3,280

104,206

Edgewise

Therapeutics,

Inc.*(a)

3,166

32,388

Esperion

Therapeutics,

Inc.*(a)

7,157

45,519

Evolus,

Inc.*

3,056

31,752

EyePoint

Pharmaceuticals,

Inc.*(a)

2,729

12,717

Fulcrum

Therapeutics,

Inc.*(a)

4,163

52,495

Harmony

Biosciences

Holdings,

Inc.*

2,448

117,920

Innoviva,

Inc.*(a)

6,015

76,090

Intra-Cellular

Therapies,

Inc.*

8,504

407,512

Ligand

Pharmaceuticals,

Inc.*

1,429

99,601

Liquidia

Corp.*(a)

4,119

27,185

Nektar

Therapeutics*

17,826

48,487

NGM

Biopharmaceuticals,

Inc.*

3,797

19,896

Nuvation

Bio,

Inc.*

10,446

25,697

Ocular

Therapeutix,

Inc.*

7,507

29,352

Pacira

BioSciences,

Inc.*

4,224

165,877

Phathom

Pharmaceuticals,

Inc.*(a)

2,538

30,278

Phibro

Animal

Health

Corp.,

Class

A

2,135

32,879

Prestige

Consumer

Healthcare,

Inc.*

4,622

303,943

Provention

Bio,

Inc.*

6,136

53,138

Reata

Pharmaceuticals,

Inc.,

Class

A*(a)

2,506

108,585

Relmada

Therapeutics,

Inc.*(a)

2,694

10,938

Revance

Therapeutics,

Inc.*

7,494

259,892

Scilex

Holding

Co.*∞(a)

6,009

47,411

SIGA

Technologies,

Inc.(a)

4,443

32,567

Supernus

Pharmaceuticals,

Inc.*

4,656

190,943

Tarsus

Pharmaceuticals,

Inc.*

1,855

29,235

Theravance

Biopharma,

Inc.*

5,767

62,341

Theseus

Pharmaceuticals,

Inc.*

1,101

15,403

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Third

Harmonic

Bio,

Inc.*(a)

1,143

4,995

Ventyx

Biosciences,

Inc.*

2,329

97,818

Xeris

Biopharma

Holdings,

Inc.*

11,522

14,287

3,972,298

Professional

Services

1.7%

Alight,

Inc.,

Class

A*

31,581

296,546

ASGN,

Inc.*

4,554

414,186

Atlas

Technical

Consultants,

Inc.*

1,304

15,818

Barrett

Business

Services,

Inc.

676

67,181

CBIZ,

Inc.*

4,448

211,680

CRA

International,

Inc.

674

80,098

Exponent,

Inc.

4,697

481,630

First

Advantage

Corp.*

5,206

72,259

Forrester

Research,

Inc.*

1,137

42,137

Franklin

Covey

Co.*

1,198

55,587

Heidrick

&

Struggles

International,

Inc.

1,849

56,875

HireRight

Holdings

Corp.*

2,121

24,264

Huron

Consulting

Group,

Inc.*(a)

1,826

124,241

ICF

International,

Inc.(a)

1,698

173,519

Insperity,

Inc.(a)

3,367

372,222

Kelly

Services,

Inc.,

Class

A

3,187

57,685

Kforce,

Inc.

1,779

99,855

Korn

Ferry(a)

4,896

264,335

Legalzoom.com,

Inc.*

8,928

75,710

NV5

Global,

Inc.*

1,262

168,212

Planet

Labs

PBC*(a)

14,362

71,092

Red

Violet,

Inc.*

752

17,879

Resources

Connection,

Inc.

2,989

51,620

Skillsoft

Corp.*

6,992

13,425

Spire

Global,

Inc.*

9,981

11,877

Sterling

Check

Corp.*(a)

2,353

32,824

TriNet

Group,

Inc.*

3,507

264,603

TrueBlue,

Inc.*

3,067

60,205

Upwork,

Inc.*

11,223

145,450

Willdan

Group,

Inc.*

1,086

20,678

3,843,693

Real

Estate

Management

&

Development

0.7%

Anywhere

Real

Estate,

Inc.*

9,795

83,062

Compass,

Inc.,

Class

A*

25,056

100,725

Cushman

&

Wakefield

plc*(a)

14,864

214,488

DigitalBridge

Group,

Inc.

14,643

216,716

Doma

Holdings,

Inc.*(a)

12,292

8,727

Douglas

Elliman,

Inc.

6,899

32,149

eXp

World

Holdings,

Inc.(a)

6,325

98,607

Forestar

Group,

Inc.*

1,740

25,891

FRP

Holdings,

Inc.*

633

35,556

Kennedy-Wilson

Holdings,

Inc.

11,155

199,451

Marcus

&

Millichap,

Inc.

2,250

81,540

Newmark

Group,

Inc.,

Class

A

12,540

107,468

Offerpad

Solutions,

Inc.*(a)

6,108

5,604

RE/MAX

Holdings,

Inc.,

Class

A

1,632

37,226

Redfin

Corp.*(a)

9,869

73,820

RMR

Group,

Inc.

(The),

Class

A

1,446

44,855

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

St

Joe

Co.

(The)

3,210

151,191

Stratus

Properties,

Inc.

455

10,019

Tejon

Ranch

Co.*

1,728

34,595

1,561,690

Road

&

Rail

0.6%

ArcBest

Corp.

2,300

191,935

Bird

Global,

Inc.,

Class

A*(a)

24,076

5,648

Covenant

Logistics

Group,

Inc.

793

26,296

Daseke,

Inc.*

4,227

29,504

Heartland

Express,

Inc.

4,267

71,771

Marten

Transport

Ltd.

5,515

121,826

PAM

Transportation

Services,

Inc.*

683

19,773

Saia,

Inc.*(a)

2,455

669,675

TuSimple

Holdings,

Inc.,

Class

A*(a)

12,979

27,256

Universal

Logistics

Holdings,

Inc.

692

24,857

Werner

Enterprises,

Inc.

5,745

269,843

1,458,384

Semiconductors

&

Semiconductor

Equipment

2.7%

ACM

Research,

Inc.,

Class

A*

4,260

53,207

Alpha

&

Omega

Semiconductor

Ltd.*

2,025

66,744

Ambarella,

Inc.*

3,407

306,085

Amkor

Technology,

Inc.

9,506

278,146

Atomera,

Inc.*(a)

2,268

16,556

Axcelis

Technologies,

Inc.*

3,013

331,279

AXT,

Inc.*

4,177

24,603

CEVA,

Inc.*

2,039

67,532

Cohu,

Inc.*

4,309

155,469

Credo

Technology

Group

Holding

Ltd.*

8,753

151,690

Diodes,

Inc.*

4,087

364,520

FormFactor,

Inc.*

7,244

203,846

Ichor

Holdings

Ltd.*

2,684

90,719

Impinj,

Inc.*

2,004

260,079

indie

Semiconductor,

Inc.,

Class

A*(a)

9,038

72,033

Kulicke

&

Soffa

Industries,

Inc.

(a)

5,332

272,465

MACOM

Technology

Solutions

Holdings,

Inc.*

4,647

311,442

MaxLinear,

Inc.*

6,756

278,347

Onto

Innovation,

Inc.*

4,584

360,532

PDF

Solutions,

Inc.*

2,724

86,569

Photronics,

Inc.*

5,617

101,780

Power

Integrations,

Inc.

5,201

447,754

Rambus,

Inc.*(a)

9,954

402,838

Rigetti

Computing,

Inc.*(a)

9,780

7,634

Semtech

Corp.*

5,961

196,892

Silicon

Laboratories,

Inc.*(a)

3,042

477,320

SiTime

Corp.*

1,531

176,417

SkyWater

Technology,

Inc.*

745

8,061

SMART

Global

Holdings,

Inc.*(a)

4,601

79,091

Synaptics,

Inc.*

3,703

462,986

Transphorm,

Inc.*

2,324

10,830

Ultra

Clean

Holdings,

Inc.*

4,222

142,070

88

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Veeco

Instruments,

Inc.*(a)

4,719

93,719

6,359,255

Software

4.7%

8x8,

Inc.*

10,793

50,835

A10

Networks,

Inc.(a)

5,968

92,385

ACI

Worldwide,

Inc.*

10,337

288,712

Adeia,

Inc.

9,947

108,920

Agilysys,

Inc.*

1,861

155,505

Alarm.com

Holdings,

Inc.*

4,481

240,182

Alkami

Technology,

Inc.*

3,588

58,736

Altair

Engineering,

Inc.,

Class

A*(a)

4,881

259,181

American

Software,

Inc.,

Class

A

2,802

42,618

Amplitude,

Inc.,

Class

A*

5,079

73,036

Appfolio,

Inc.,

Class

A*

1,823

204,778

Appian

Corp.,

Class

A*

3,762

155,615

Applied

Digital

Corp.*

6,614

20,503

Arteris,

Inc.*

2,093

13,144

Asana,

Inc.,

Class

A*(a)

7,040

109,120

Avaya

Holdings

Corp.*(a)

7,893

2,819

AvePoint,

Inc.*

12,584

56,250

Blackbaud,

Inc.*

4,337

269,805

Blackline,

Inc.*(a)

5,144

369,339

Blend

Labs,

Inc.,

Class

A*(a)

17,337

28,779

Box,

Inc.,

Class

A*(a)

13,027

416,734

C3.ai,

Inc.,

Class

A*(a)

5,638

111,914

Cerence,

Inc.*(a)

3,839

94,132

Cipher

Mining,

Inc.*(a)

6,963

8,356

Cleanspark,

Inc.*(a)

4,032

12,781

Clear

Secure,

Inc.,

Class

A

5,799

182,031

CommVault

Systems,

Inc.*

4,107

255,579

Consensus

Cloud

Solutions,

Inc.*

1,727

101,496

Couchbase,

Inc.*

2,396

35,437

CS

Disco,

Inc.*

2,111

17,542

Cvent

Holding

Corp.*

4,857

39,196

Digimarc

Corp.*(a)

1,247

24,915

Digital

Turbine,

Inc.*

8,683

150,737

Domo,

Inc.,

Class

B*

3,041

47,166

Duck

Creek

Technologies,

Inc.*

6,990

132,321

E2open

Parent

Holdings,

Inc.*

18,807

129,768

Ebix,

Inc.

2,515

47,936

eGain

Corp.*

2,246

21,831

Enfusion,

Inc.,

Class

A*(a)

2,338

27,775

EngageSmart,

Inc.*

3,227

63,572

Envestnet,

Inc.*

5,149

334,685

Everbridge,

Inc.*

3,662

117,038

EverCommerce,

Inc.*(a)

2,830

29,234

ForgeRock,

Inc.,

Class

A*(a)

3,566

70,821

Greenidge

Generation

Holdings,

Inc.*(a)

850

714

Instructure

Holdings,

Inc.*(a)

1,705

46,086

Intapp,

Inc.*

1,361

39,442

InterDigital,

Inc.

2,842

198,798

IronNet,

Inc.*

5,559

2,218

Kaleyra,

Inc.*(a)

4,675

5,329

KnowBe4,

Inc.,

Class

A*

6,639

165,245

Common

Stocks

Shares

Value

($)

Software

Latch,

Inc.*(a)

9,822

9,031

LivePerson,

Inc.*

6,529

84,094

LiveRamp

Holdings,

Inc.*

6,053

161,978

LiveVox

Holdings,

Inc.*

1,059

3,082

Marathon

Digital

Holdings,

Inc.*(a)

10,307

74,313

Matterport,

Inc.*(a)

20,581

72,445

MeridianLink,

Inc.*(a)

2,138

33,951

MicroStrategy,

Inc.,

Class

A*(a)

887

223,285

Mitek

Systems,

Inc.*(a)

3,977

39,213

Model

N,

Inc.*

3,337

132,345

Momentive

Global,

Inc.*

12,430

95,835

N-able,

Inc.*

5,998

61,599

NextNav,

Inc.*(a)

5,715

16,916

Olo,

Inc.,

Class

A*(a)

8,121

65,130

ON24,

Inc.*

3,640

33,779

OneSpan,

Inc.*

3,447

47,603

PagerDuty,

Inc.*(a)

8,127

242,103

PowerSchool

Holdings,

Inc.,

Class

A*(a)

4,345

97,849

Progress

Software

Corp.(a)

4,009

212,637

PROS

Holdings,

Inc.*

3,788

95,458

Q2

Holdings,

Inc.*

5,230

171,126

Qualys,

Inc.*

3,580

412,989

Rapid7,

Inc.*(a)

5,401

215,338

Rimini

Street,

Inc.*

4,202

18,909

Riot

Platforms,

Inc.*(a)

14,918

93,536

Sapiens

International

Corp.

NV

2,958

67,028

SecureWorks

Corp.,

Class

A*

927

7,435

ShotSpotter,

Inc.*(a)

841

32,421

SolarWinds

Corp.*

4,913

49,916

Sprout

Social,

Inc.,

Class

A*(a)

4,290

274,431

SPS

Commerce,

Inc.*

3,364

457,773

Sumo

Logic,

Inc.*

10,908

129,042

Telos

Corp.*

5,243

25,429

Tenable

Holdings,

Inc.*

10,371

417,225

Terawulf,

Inc.*(a)

1,945

1,901

Upland

Software,

Inc.*

2,485

21,694

Varonis

Systems,

Inc.*

10,202

263,620

Verint

Systems,

Inc.*

5,852

222,200

Veritone,

Inc.*(a)

2,716

22,950

Viant

Technology,

Inc.,

Class

A*

1,092

4,958

Weave

Communications,

Inc.*

2,679

13,931

WM

Technology,

Inc.*(a)

6,364

8,019

Workiva,

Inc.*(a)

4,453

385,318

Xperi,

Inc.*

3,978

41,172

Yext,

Inc.*

11,026

76,631

Zeta

Global

Holdings

Corp.,

Class

A*

10,021

90,991

Zuora,

Inc.,

Class

A*

11,743

93,005

10,952,725

Specialty

Retail

2.5%

Aaron's

Co.,

Inc.

(The)

2,877

42,148

Abercrombie

&

Fitch

Co.,

Class

A*

4,488

129,973

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Specialty

Retail

Academy

Sports

&

Outdoors,

Inc.

7,169

418,813

American

Eagle

Outfitters,

Inc.

(a)

14,334

231,351

America's

Car-Mart,

Inc.*

575

49,531

Arko

Corp.

7,859

65,937

Asbury

Automotive

Group,

Inc.*(a)

2,070

455,400

Bed

Bath

&

Beyond,

Inc.*(a)

7,287

20,549

Big

5

Sporting

Goods

Corp.

1,973

19,710

Boot

Barn

Holdings,

Inc.*

2,748

229,431

Buckle,

Inc.

(The)

2,821

124,124

Build-A-Bear

Workshop,

Inc.*

1,190

29,226

Caleres,

Inc.

3,322

86,438

Camping

World

Holdings,

Inc.,

Class

A(a)

3,445

87,537

Cato

Corp.

(The),

Class

A

1,875

18,638

Chico's

FAS,

Inc.*

11,400

60,078

Children's

Place,

Inc.

(The)*

1,233

55,941

Citi

Trends,

Inc.*

845

26,601

Conn's,

Inc.*

1,358

12,779

Container

Store

Group,

Inc.

(The)*

3,257

16,969

Designer

Brands,

Inc.,

Class

A

4,669

48,137

Destination

XL

Group,

Inc.*

4,979

35,500

EVgo,

Inc.*(a)

6,172

42,525

Express,

Inc.*(a)

5,715

6,629

Foot

Locker,

Inc.(a)

7,450

324,150

Genesco,

Inc.*

1,098

53,022

Group

1

Automotive,

Inc.(a)

1,298

277,577

GrowGeneration

Corp.*

5,296

27,327

Guess?,

Inc.

2,927

67,819

Haverty

Furniture

Cos.,

Inc.

1,344

46,933

Hibbett,

Inc.(a)

1,219

80,893

JOANN,

Inc.(a)

1,100

4,312

LL

Flooring

Holdings,

Inc.*

2,943

17,835

MarineMax,

Inc.*

1,967

61,469

Monro,

Inc.

2,827

143,894

Murphy

USA,

Inc.

1,933

525,834

National

Vision

Holdings,

Inc.*(a)

7,214

296,495

ODP

Corp.

(The)*

3,667

189,217

OneWater

Marine,

Inc.,

Class

A*(a)

1,039

34,017

Rent-A-Center,

Inc.(a)

4,584

123,264

Sally

Beauty

Holdings,

Inc.*(a)

10,023

156,158

Shoe

Carnival,

Inc.

1,575

43,013

Signet

Jewelers

Ltd.

4,201

322,679

Sleep

Number

Corp.*(a)

2,022

69,516

Sonic

Automotive,

Inc.,

Class

A(a)

1,635

87,816

Sportsman's

Warehouse

Holdings,

Inc.*

3,306

31,176

Tile

Shop

Holdings,

Inc.*

3,582

17,910

Tilly's,

Inc.,

Class

A*

2,277

20,174

Torrid

Holdings,

Inc.*

1,732

6,443

TravelCenters

of

America,

Inc.*

1,183

53,850

Urban

Outfitters,

Inc.*

5,964

163,354

Volta,

Inc.*(a)

10,981

9,424

Common

Stocks

Shares

Value

($)

Specialty

Retail

Warby

Parker,

Inc.,

Class

A*

7,738

124,969

Winmark

Corp.

248

69,638

Zumiez,

Inc.*(a)

1,500

38,745

5,802,888

Technology

Hardware,

Storage

&

Peripherals

0.3%

Avid

Technology,

Inc.*

3,168

96,022

Corsair

Gaming,

Inc.*

3,474

54,646

Diebold

Nixdorf,

Inc.*(a)

6,882

16,448

Eastman

Kodak

Co.*(a)

5,475

19,765

IonQ,

Inc.*(a)

11,128

49,408

Super

Micro

Computer,

Inc.*(a)

4,260

308,126

Turtle

Beach

Corp.*

1,441

13,689

Xerox

Holdings

Corp.

10,870

178,051

736,155

Textiles,

Apparel

&

Luxury

Goods

0.8%

Allbirds,

Inc.,

Class

A*(a)

8,239

22,657

Crocs,

Inc.*

5,627

685,200

Ermenegildo

Zegna

NV(a)

5,410

61,999

Fossil

Group,

Inc.*

4,469

25,384

G-III

Apparel

Group

Ltd.*

4,123

69,761

Kontoor

Brands,

Inc.(a)

5,185

247,636

Movado

Group,

Inc.

1,414

49,999

Oxford

Industries,

Inc.

1,415

165,866

PLBY

Group,

Inc.*(a)

4,392

12,825

Rocky

Brands,

Inc.

535

16,842

Steven

Madden

Ltd.

7,010

251,308

Superior

Group

of

Cos.,

Inc.

1,108

13,218

Unifi,

Inc.*

1,392

11,901

Wolverine

World

Wide,

Inc.

7,397

119,314

1,753,910

Thrifts

&

Mortgage

Finance

1.4%

Axos

Financial,

Inc.*

5,408

260,233

Blue

Foundry

Bancorp*

2,445

29,046

Bridgewater

Bancshares,

Inc.*

2,014

31,338

Capitol

Federal

Financial,

Inc.

(a)

12,315

103,076

Columbia

Financial,

Inc.*(a)

3,068

60,900

Enact

Holdings,

Inc.(a)

2,787

70,093

Essent

Group

Ltd.

9,788

430,966

Federal

Agricultural

Mortgage

Corp.,

Class

C

831

110,498

Finance

of

America

Cos.,

Inc.,

Class

A*

3,164

5,569

Greene

County

Bancorp,

Inc.

286

14,000

Hingham

Institution

for

Savings(a)

139

40,635

Home

Bancorp,

Inc.

746

28,646

Home

Point

Capital,

Inc.

642

1,156

Kearny

Financial

Corp.

5,803

54,432

Luther

Burbank

Corp.

1,224

14,370

Merchants

Bancorp

1,376

39,587

Mr.

Cooper

Group,

Inc.*

6,418

295,164

NMI

Holdings,

Inc.,

Class

A*

7,629

177,222

Northfield

Bancorp,

Inc.

3,885

58,081

PennyMac

Financial

Services,

Inc.(a)

2,481

167,269

Pioneer

Bancorp,

Inc.*

1,383

15,559

Provident

Bancorp,

Inc.

1,535

13,846

90

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Provident

Financial

Services,

Inc.

6,956

163,188

Radian

Group,

Inc.

14,387

317,953

Southern

Missouri

Bancorp,

Inc.(a)

686

33,216

Sterling

Bancorp,

Inc.*

1,722

10,487

TrustCo

Bank

Corp.

1,233

44,277

Velocity

Financial,

Inc.*

813

8,203

Walker

&

Dunlop,

Inc.(a)

2,870

273,740

Waterstone

Financial,

Inc.

1,891

30,445

WSFS

Financial

Corp.

5,587

269,908

3,173,103

Tobacco

0.1%

22nd

Century

Group,

Inc.*(a)

14,307

15,738

Turning

Point

Brands,

Inc.

1,380

32,030

Universal

Corp.

2,235

121,517

Vector

Group

Ltd.

13,429

173,905

343,190

Trading

Companies

&

Distributors

1.7%

Alta

Equipment

Group,

Inc.

1,843

31,239

Applied

Industrial

Technologies,

Inc.

3,528

505,245

Beacon

Roofing

Supply,

Inc.*(a)

4,814

273,820

BlueLinx

Holdings,

Inc.*(a)

850

73,797

Boise

Cascade

Co.

3,669

275,065

Custom

Truck

One

Source,

Inc.*

5,616

39,761

Distribution

Solutions

Group,

Inc.*

479

19,783

DXP

Enterprises,

Inc.*

1,451

43,965

GATX

Corp.

3,219

368,415

Global

Industrial

Co.

1,274

33,493

GMS,

Inc.*

3,877

229,984

H&E

Equipment

Services,

Inc.

2,929

149,057

Herc

Holdings,

Inc.

2,333

362,362

Hudson

Technologies,

Inc.*

3,808

38,880

Karat

Packaging,

Inc.

412

6,192

McGrath

RentCorp(a)

2,268

225,757

MRC

Global,

Inc.*

7,907

107,535

NOW,

Inc.*

10,446

146,662

Rush

Enterprises,

Inc.,

Class

A

3,848

207,061

Rush

Enterprises,

Inc.,

Class

B

610

35,484

Textainer

Group

Holdings

Ltd.

3,877

131,430

Titan

Machinery,

Inc.*

1,946

85,507

Transcat,

Inc.*(a)

692

57,796

Triton

International

Ltd.

5,333

376,723

Veritiv

Corp.

1,209

151,173

3,976,186

Water

Utilities

0.5%

American

States

Water

Co.

3,433

323,286

Artesian

Resources

Corp.,

Class

A(a)

675

39,758

California

Water

Service

Group

5,029

307,624

Global

Water

Resources,

Inc.

1,383

19,680

Middlesex

Water

Co.

1,626

136,356

Common

Stocks

Shares

Value

($)

Water

Utilities

Pure

Cycle

Corp.*

1,413

12,675

SJW

Group

2,540

196,621

York

Water

Co.

(The)

1,234

56,085

1,092,085

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.*

4,487

75,247

KORE

Group

Holdings,

Inc.*

3,207

8,018

Shenandoah

Telecommunications

Co.

4,580

89,539

Telephone

&

Data

Systems,

Inc.(a)

9,577

128,044

United

States

Cellular

Corp.*(a)

1,449

35,443

336,291

Total

Common

Stocks

(cost

$199,430,678)

231,973,570

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞

1,489

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

95

98

98

Pharmaceuticals

0.0%

†

Zogenix,

Inc.,

CVR*^∞

5,150

0

Total

Rights

(cost

$3,781)

98

Repurchase

Agreement

3.6%

Principal

Amount

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$8,407,702,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$8,575,856.(b)

8,406,702

8,406,702

Total

Repurchase

Agreement

(cost

$8,406,702)

8,406,702

Total

Investments

(cost

$207,841,161)

—

103.3%

240,380,370

Liabilities

in

excess

of

other

assets

—

(3.3)%

(7,697,365)

NET

ASSETS

—

100.0%

$

232,683,005

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

91

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$46,581,507,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,406,702

and

by

$38,684,950

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$47,091,652.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$8,406,702.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

Micro

E-Mini

Index

190

3/2023

USD

1,842,430

77,592

Net

contracts

77,592

As

of

January

31,

2023,

the

Fund

had

$82,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

92

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

93

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

2,352,975

$

–

$

–

$

2,352,975

Air

Freight

&

Logistics

955,932

–

–

955,932

Airlines

723,495

–

–

723,495

Auto

Components

3,360,560

–

–

3,360,560

Automobiles

410,197

–

–

410,197

Banks

21,164,978

–

–

21,164,978

Beverages

1,290,130

–

–

1,290,130

Biotechnology

16,690,190

–

–

16,690,190

Building

Products

3,107,979

–

–

3,107,979

Capital

Markets

3,862,822

–

–

3,862,822

Chemicals

4,930,016

–

–

4,930,016

Commercial

Services

&

Supplies

3,438,072

–

–

3,438,072

Communications

Equipment

1,880,351

–

–

1,880,351

Construction

&

Engineering

3,542,187

–

–

3,542,187

Construction

Materials

395,654

–

–

395,654

Consumer

Finance

1,655,621

–

–

1,655,621

Containers

&

Packaging

760,540

–

–

760,540

Distributors

47,684

–

–

47,684

Diversified

Consumer

Services

2,304,246

–

–

2,304,246

Diversified

Financial

Services

729,532

–

–

729,532

Diversified

Telecommunication

Services

1,670,536

–

–

1,670,536

Electric

Utilities

1,620,785

–

–

1,620,785

Electrical

Equipment

3,473,013

–

–

3,473,013

Electronic

Equipment,

Instruments

&

Components

5,464,789

–

–

5,464,789

Energy

Equipment

&

Services

5,018,813

–

–

5,018,813

Entertainment

706,854

–

–

706,854

Equity

Real

Estate

Investment

Trusts

(REITs)

13,609,714

–

–

13,609,714

Food

&

Staples

Retailing

1,363,084

–

–

1,363,084

Food

Products

2,660,330

–

–

2,660,330

Gas

Utilities

2,790,461

–

–

2,790,461

Health

Care

Equipment

&

Supplies

8,370,348

137,394

–

8,507,742

Health

Care

Providers

&

Services

6,131,551

–

–

6,131,551

Health

Care

Technology

1,313,900

–

–

1,313,900

Hotels,

Restaurants

&

Leisure

5,867,919

–

–

5,867,919

Household

Durables

3,954,343

–

–

3,954,343

Household

Products

635,490

–

–

635,490

Independent

Power

and

Renewable

Electricity

Producers

1,059,442

–

–

1,059,442

Industrial

Conglomerates

56,625

–

–

56,625

Insurance

4,810,322

–

–

4,810,322

Interactive

Media

&

Services

1,753,861

–

–

1,753,861

Internet

&

Direct

Marketing

Retail

818,629

–

–

818,629

IT

Services

4,630,799

–

–

4,630,799

Leisure

Products

1,023,986

–

–

1,023,986

Life

Sciences

Tools

&

Services

1,853,136

–

–

1,853,136

Machinery

9,307,741

–

–

9,307,741

Marine

558,868

–

–

558,868

Media

1,952,915

–

–

1,952,915

Metals

&

Mining

3,863,922

–

–

3,863,922

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,950,640

–

–

2,950,640

Multiline

Retail

262,088

–

–

262,088

Multi-Utilities

1,078,732

–

–

1,078,732

Oil,

Gas

&

Consumable

Fuels

10,184,396

–

–

10,184,396

Paper

&

Forest

Products

333,361

–

–

333,361

Personal

Products

1,719,769

–

–

1,719,769

Pharmaceuticals

3,924,887

47,411

–

3,972,298

94

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

Level

1

Level

2

Level

3

Total

Assets:

Professional

Services

$

3,843,693

$

–

$

–

$

3,843,693

Real

Estate

Management

&

Development

1,561,690

–

–

1,561,690

Road

&

Rail

1,458,384

–

–

1,458,384

Semiconductors

&

Semiconductor

Equipment

6,359,255

–

–

6,359,255

Software

10,952,725

–

–

10,952,725

Specialty

Retail

5,802,888

–

–

5,802,888

Technology

Hardware,

Storage

&

Peripherals

736,155

–

–

736,155

Textiles,

Apparel

&

Luxury

Goods

1,753,910

–

–

1,753,910

Thrifts

&

Mortgage

Finance

3,173,103

–

–

3,173,103

Tobacco

343,190

–

–

343,190

Trading

Companies

&

Distributors

3,976,186

–

–

3,976,186

Water

Utilities

1,092,085

–

–

1,092,085

Wireless

Telecommunication

Services

336,291

–

–

336,291

Total

Common

Stocks

$

231,788,765

$

184,805

$

–

$

231,973,570

Futures

Contracts

77,592

–

–

77,592

Repurchase

Agreement

–

8,406,702

–

8,406,702

Rights  

–

98

–

98

Total

$

231,866,357

$

8,591,605

$

–

$

240,457,962

As

of

January

31,

2023,

the

fund

held

two

rights

investments

and

one

common

stock

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Nationwide

Small

Cap

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

95

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

77,592

Total

$

77,592

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

96

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

Common

Stocks

99.4%

Shares

Value

($)

Aerospace

&

Defense

8.7%

Boeing

Co.

(The)*

38,878

8,281,014

General

Dynamics

Corp.

38,878

9,060,907

L3Harris

Technologies,

Inc.

38,878

8,351,772

Lockheed

Martin

Corp.

38,878

18,010,622

Raytheon

Technologies

Corp.

38,878

3,881,968

47,586,283

Automobiles

1.2%

Tesla,

Inc.*

38,878

6,734,447

Biotechnology

4.6%

Amgen,

Inc.

38,878

9,812,807

Biogen,

Inc.*

38,878

11,309,610

Gilead

Sciences,

Inc.

38,878

3,263,420

Myriad

Genetics,

Inc.*

38,878

766,674

25,152,511

Chemicals

0.5%

DuPont

de

Nemours,

Inc.

38,878

2,875,028

Communications

Equipment

6.0%

Ciena

Corp.*

38,878

2,022,434

Cisco

Systems,

Inc.

38,878

1,892,192

F5,

Inc.*

38,878

5,740,726

Juniper

Networks,

Inc.

38,878

1,255,759

Motorola

Solutions,

Inc.

38,878

9,992,035

Nokia

OYJ,

ADR-FI

38,878

185,059

Ubiquiti,

Inc.(a)

38,878

11,358,597

Viavi

Solutions,

Inc.*(a)

38,878

439,321

32,886,123

Diversified

Telecommunication

Services

0.1%

AT&T,

Inc.

38,878

791,945

Electrical

Equipment

0.4%

Sensata

Technologies

Holding

plc

38,878

1,976,946

Electronic

Equipment,

Instruments

&

Components

0.9%

Amphenol

Corp.,

Class

A

38,878

3,101,298

Corning,

Inc.

38,878

1,345,567

LG

Display

Co.

Ltd.,

ADR-KR*(a)

38,878

217,717

4,664,582

Energy

Equipment

&

Services

0.9%

Halliburton

Co.

38,878

1,602,551

NOV,

Inc.

38,878

950,178

Schlumberger

Ltd.

38,878

2,215,269

4,767,998

Entertainment

0.5%

Activision

Blizzard,

Inc.

38,878

2,976,889

Health

Care

Equipment

&

Supplies

1.2%

Baxter

International,

Inc.

38,878

1,776,336

Boston

Scientific

Corp.*

38,878

1,798,107

Medtronic

plc

38,878

3,253,700

6,828,143

Health

Care

Technology

1.2%

Veeva

Systems,

Inc.,

Class

A*

38,878

6,630,643

Household

Durables

1.0%

Garmin

Ltd.

38,878

3,844,257

Common

Stocks

Shares

Value

($)

Household

Durables

iRobot

Corp.*(a)

38,878

1,749,510

5,593,767

Industrial

Conglomerates

1.5%

Honeywell

International,

Inc.

38,878

8,105,285

Interactive

Media

&

Services

2.4%

Alphabet,

Inc.,

Class

A*

38,878

3,842,702

Meta

Platforms,

Inc.,

Class

A*

38,878

5,791,656

Ziff

Davis,

Inc.*

38,878

3,478,803

13,113,161

Internet

&

Direct

Marketing

Retail

2.3%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

38,878

4,284,356

Amazon.com,

Inc.*

38,878

4,009,488

eBay,

Inc.

38,878

1,924,461

JD.com,

Inc.,

ADR-CN(a)

38,878

2,314,407

12,532,712

IT

Services

9.9%

Akamai

Technologies,

Inc.*

38,878

3,458,198

Amdocs

Ltd.

38,878

3,574,055

Automatic

Data

Processing,

Inc.

38,878

8,779,041

DXC

Technology

Co.*

38,878

1,116,965

International

Business

Machines

Corp.

38,878

5,238,033

Mastercard,

Inc.,

Class

A

38,878

14,408,187

VeriSign,

Inc.*

38,878

8,477,348

Visa,

Inc.,

Class

A(a)

38,878

8,950,104

54,001,931

Life

Sciences

Tools

&

Services

8.5%

Agilent

Technologies,

Inc.

38,878

5,912,566

Danaher

Corp.

38,878

10,278,566

Illumina,

Inc.*

38,878

8,327,667

Thermo

Fisher

Scientific,

Inc.

38,878

22,173,290

46,692,089

Pharmaceuticals

1.7%

AstraZeneca

plc,

ADR-UK

38,878

2,541,455

Bausch

Health

Cos.,

Inc.*(a)

38,878

299,361

Bristol-Myers

Squibb

Co.

38,878

2,824,487

Novartis

AG,

ADR-CH

38,878

3,523,124

9,188,427

Semiconductors

&

Semiconductor

Equipment

26.1%

Advanced

Micro

Devices,

Inc.*

38,878

2,921,682

Analog

Devices,

Inc.

38,878

6,666,411

Applied

Materials,

Inc.

38,878

4,334,508

ASML

Holding

NV

(Registered),

NYRS-NL

38,878

25,692,138

Broadcom,

Inc.

38,878

22,744,019

FormFactor,

Inc.*

38,878

1,094,027

Intel

Corp.

38,878

1,098,692

KLA

Corp.

38,878

15,258,838

Lam

Research

Corp.

38,878

19,442,888

Microchip

Technology,

Inc.

38,878

3,017,710

Micron

Technology,

Inc.

38,878

2,344,343

NVIDIA

Corp.

38,878

7,595,595

NXP

Semiconductors

NV

38,878

7,165,604

ON

Semiconductor

Corp.*

38,878

2,855,589

QUALCOMM,

Inc.

38,878

5,178,938

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Synaptics,

Inc.*

38,878

4,860,916

Teradyne,

Inc.

38,878

3,953,893

Texas

Instruments,

Inc.

38,878

6,889,570

143,115,361

Software

17.1%

Adeia,

Inc.

38,878

425,714

Adobe,

Inc.*

38,878

14,398,078

Check

Point

Software

Technologies

Ltd.*

38,878

4,945,282

Gen

Digital,

Inc.

38,878

894,583

InterDigital,

Inc.

38,878

2,719,516

Intuit,

Inc.

38,878

16,432,564

LiveRamp

Holdings,

Inc.*

38,878

1,040,375

Microsoft

Corp.

38,878

9,634,357

Open

Text

Corp.

38,878

1,304,357

Oracle

Corp.

38,878

3,439,148

Progress

Software

Corp.(a)

38,878

2,062,089

PTC,

Inc.*

38,878

5,243,865

Salesforce,

Inc.*

38,878

6,530,338

SAP

SE,

ADR-DE

38,878

4,608,209

Synopsys,

Inc.*

38,878

13,753,092

Teradata

Corp.*

38,878

1,356,065

VMware,

Inc.,

Class

A*

38,878

4,761,389

93,549,021

Technology

Hardware,

Storage

&

Peripherals

2.6%

Apple,

Inc.

38,878

5,609,706

HP,

Inc.

38,878

1,132,905

NetApp,

Inc.

38,878

2,574,890

Seagate

Technology

Holdings

plc

38,878

2,635,151

Western

Digital

Corp.*

38,878

1,708,688

Xerox

Holdings

Corp.

38,878

636,822

14,298,162

Wireless

Telecommunication

Services

0.1%

Telephone

&

Data

Systems,

Inc.(a)

38,878

519,799

Total

Common

Stocks

(cost

$163,690,471)

544,581,253

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

4.28%,

dated

01/31/2023,

due

2/1/2023,

repurchase

price

$1,003,699,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

2/15/2023

-

5/15/2052;

total

market

value

$1,023,773.(b)

1,003,579

1,003,579

Total

Repurchase

Agreement

(cost

$1,003,579)

1,003,579

Total

Investments

(cost

$164,694,050)

—

99.6%

545,584,832

Other

assets

in

excess

of

liabilities

—

0.4%

2,223,730

NET

ASSETS

—

100.0%

$

547,808,562

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2023.

The

total

value

of

securities

on

loan

as

of

January

31,

2023

was

$8,651,488,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,003,579

and

by

$7,879,800

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

2/9/2023

–

8/15/2052,

a

total

value

of

$8,883,379.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2023

was

$1,003,579.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DE

Germany

FI

Finland

KR

South

Korea

NL

Netherlands

NYRS

New

York

Registry

Shares

UK

United

Kingdom

Futures

contracts

outstanding

as

of

January

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

NASDAQ

100

E-Mini

Index

15

3/2023

USD

3,645,600

67,637

Net

contracts

67,637

As

of

January

31,

2023,

the

Fund

had

$174,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

98

-

Statement

of

Investments

-

January

31,

2023

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2023

(Unaudited)

-

Statement

of

Investments

-

99

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2023

:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

544,581,253

$

–

$

–

$

544,581,253

Futures

Contracts

67,637

–

–

67,637

Repurchase

Agreement

–

1,003,579

–

1,003,579

Total

$

544,648,890

$

1,003,579

$

–

$

545,652,469

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

67,637

Total

$

67,637

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.